Mumbai, called as “the city of dreams,” continues to be the most costly city in India to live in, per Mercer’s 2024 Cost of Living report. The poll draws attention to Mumbai’s high cost of living, which has an impact on a number of areas, including real estate, products, and services.
Key Findings from Mercer’s 2024 Cost of Living Survey
RANKINGS:
- Mumbai has moved up 11 spots to take the 136th position worldwide.
- Delhi is now 164th, up 4 ranks.
- Chennai fell five positions to 189th.
- Bengaluru fell six ranks to rank 195th.
- At 202nd, Hyderabad observed no change.
- Pune shot up to 205th place, up eight positions.
- Kolkata moved up four positions to 207th.
Mumbai prices:
- Personal Care: Chennai is less costly than Mumbai.
- Mumbai has the highest energy and utility levels, followed by Pune.
- Mumbai has the most costly transportation, Bengaluru comes in second.
Cost of Housing:
- The largest increase in foreign home rentals (12–15%) was observed in Delhi.
- Mumbai had 6-8% growth.
- The cost of traveling to Bengaluru increased (automobiles, auto parts, operating expenses).
Financial Elements:
- Indian cities continue to be more cheap than their worldwide competitors, even with their improving rankings.
- The report highlights how India’s urban economies are dynamic and sensitive to both local and global economic forces.
Perspectives and Evaluations Cost and International Talent:
- India’s affordability and economic stability make it a desirable destination for international corporations, according to Rahul Sharma, India Mobility Leader at Mercer.
Effects on Establishments:
- The budget of a company and the standard of living of its workforce are impacted by housing expenses, which are crucial for drawing and keeping top personnel.
Worldwide Context Worldwide Rankings: - The top five cities in the world, Basel, Singapore, Hong Kong, Geneva, and Zurich—did not alter.
The Indian economy is resilient:
- India’s economy continues to thrive because of strong services sector growth and domestic demand.
- Mumbai continues to be the most costly city in India and is rising in the world rankings as a result of its high cost of living. The Mercer poll reveals notable differences in costs between Indian towns, which have an influence on expatriates and residents alike.
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