A recent HSBC survey has indicated that the average expat salary in Mumbai, the economic capital of India is more than twice the global average of 99,903 USD.
It is therefore no surprise that more and more Expats are accepting India assignments. Besides the cultural superpower attraction, having India on their resume as the fastest growing economy and the large salaries are strong magnets.
Mumbai, a city so prodigious with its integration of 7 islands, known with its various accolades as the city which never sleeps; India’s financial capital; India’s entertainment capital; the city of Bollywood; the Gateway to India; doesn’t seem to end surprising in the modern era.
The HSBC survey has indicated that Mumbai is the ‘World’s highest paid Expat City’; an accolade which is driven by the wealth of opportunity the city has been offering to global corporations. Mumbai is closely followed by cities like San Francisco, Zurich and Shanghai, with the other top Asian cities being Jakarta and Hong Kong.
While expats in Asia were generally well compensated financially, all — including Mumbai, the mega-city home to more than 18 million people — ranked lower in expat job opportunities than U.K. and U.S. destinations such as London, San Francisco, New York, or even Birmingham, according to HSBC.
For Expat housing; Mumbai is arguably one among the world’s most expensive real estate markets. The real estate market is complex and usually managed through agents. One may need extensive hand holding support through the process of identifying suitable housing and going through the process of negotiations, registration of the contract/ agreement in the Government offices/ courts, getting property to be in liveable condition and property moving in process. Although there sufficient supply in the market; finding a high quality apartment is usually a challenging exercise.
Expats prefer living in areas of Malabar Hill, Lower Parel, Worli, Bandra, Santa Cruz, Juhu, Andheri and Powai.
Apartment blocks are the most common type of Housing available in Mumbai. There are popular areas and buildings that tend to attract foreigners, however most expats will find themselves negotiating for an apartment in a stand-alone block with little or no amenities.
Mumbai has reputed International school options to select from, offering both excellent academic guidance as well as a wide range of extra-curricular activities for all round development. These schools may offer ISC, IGCSE and IB. It is best to start school admission process as early as possible in order to be able to secure a seat in the International school.