‘Mumbai is more expensive to live than Paris’

'Mumbai is more expensive to live than Paris'

Mumbai emerged as the most expensive Indian city for expatriates in Mercer’s 23rd annual Cost of Living Survey, outpacing even major global cities such as Paris, Canberra, Seattle and Vienna.

The country’s financial capital is placed 57th on the list, while New Delhi came 99th.

Mumbai has moved 25 notches up from 82 in 2016, while New Delhi has improved from 130 in 2016

Indian cities moved up the global ranking substantially with Chennai at 135, up from 158 in 2016, Bengaluru climbing to 166 from 180, and Kolkata up at 184 from 194.

The improvement of ranking of Indian cities was not just on account of internal factors, but also because some global cities fell in ranking following currency volatility, especially in Egypt, Turkey and the United Kingdom, Mercer said.

Residential rental prices increased in Mumbai and New Delhi. Due to demonetisation, real estate sales market has been severely hit. However, the rental market benefited from the consumers’ sudden withdrawal from the purchase market, thereby putting pressure on rental prices, said Ruchika Pal, India Practice Leader, Global Mobility at Mercer.

Angola’s capital Luanda is the costliest city, driven by cost of goods and security, followed by Hong Kong and Tokyo at the second and third places, respectively. The survey includes 209 cities across five continents.