📷 Image Credits: The Times of India
Mumbai, the bustling metropolis of India, has once again reaffirmed its position as the most expensive city for expatriates in the country, as per the latest 2024 Cost of Living survey by Mercer. The city has held this prestigious title since the survey’s inception in 2013, showcasing its consistent allure and financial demands. Globally, Mumbai has climbed 11 places from the previous year, now standing at 136th among the 226 cities surveyed.
The Mercer survey also sheds light on the rankings of other Indian cities in the global context. Cities like New Delhi (ranked 164), Chennai (189), Bengaluru (195), Hyderabad (202), Pune (205), and Kolkata (207) also feature in the top 200 most expensive cities worldwide.
One of the key highlights of the survey is the notable surge in housing rentals in expatriate neighborhoods across various Indian cities. Bengaluru observed an increase of 3-6% in rentals, while cities like Pune, Hyderabad, and Chennai experienced rises ranging from 2-4%. Delhi witnessed the steepest escalation with a surge of 12-15%, while Mumbai observed a 6-8% increase in rents.
Rahul Sharma, the India mobility leader at Mercer, ascribed these escalating rental costs to factors like employment growth, a burgeoning middle class, and a robust economy.
Moreover, the survey delved into analyzing various living expenses, revealing Mumbai and Pune as the priciest Indian cities in terms of energy and utility costs. Transportation expenses, encompassing automobiles, auto parts, and running costs, were highest in Mumbai, closely followed by Bengaluru. Additionally, the cost of alcohol and tobacco items was found to be the highest in Chennai and witnessed a noticeable 20% surge in prices within a year.
In conclusion, the survey underscores the dynamic financial landscape of Indian cities, showcasing Mumbai’s enduring status as an expensive hub for expatriates. With escalating living costs and changing economic dynamics, the financial sustainability of residents and expatriates in these cities remains a critical aspect for consideration.
