Kolkata Among The Most Affordable Cities To Live Globally
Worried about the cost of living while you plan to move to a big city? Kolkata is your best option because the West Bengal capital happens to be one of the most affordable cities to live in the world, shows Mercer's Annual Cost of Living Survey 2018. In a list of 209 most-expensive cities, Kolkata was ranked 182, the most affordable Indian city. Mumbai on the other hand is the most expensive city to live in India, followed by New Delhi, Chennai and Bengaluru.
Now, what makes Kolkata India's most affordable place to stay?
State of economy: If compared to other metropolitan cities of India, Kolkata is still growing in terms of commercial and industrial development. Technopolis, Godrej Waterside, TCS Lords, Eden and Wanderers Park, Gobsyn Crystal, South City Pinnacle, RDB Boulevard, West Bengal Electronics Industry Development Corporation (WEBEL) Bhawan are some of the commercial hotspots where the majority of the white-collar jobs originate. There are some mid-sized information technology companies that have been driving the sector in the city. Apart from this, a large segment of the city population is employed in the informal sector, making the economic prices of goods cheaper. Several leading banks and public enterprises are headquartered in Kolkata, which gives employment to the middle-class segment.
Affordable rents: Property prices in Kolkata are affordable if compared to other metro cities. For instance, a 1 Room-Kitchen or a 1BHK in Keshtopur is available at a starting price of Rs 4,500 per month whereas, in Mumbai, the same sized unit would cost you at least Rs 15,000 per month. In Delhi, the same unit will have a minimum rental value of Rs 8,000 per month in a similar locality. A 2BHK flat is available at a starting price of Rs 5,500 per month in areas such as Baranagar, Sodepur and Patuli whereas Mumbai would offer you the same unit for Rs 20,000. A 2BHK unit in Delhi would cost you around Rs 12,000 per month. Rents in Hyderabad, considered one of the most affordable cities in India, are also higher compared to Kolkata.
Comparatively higher income: Kolkata's GDP per capita was $1,860 in 2015, second only to Delhi and Mumbai. This implies that the income generated in the city is on par with other major metros. However, due to lesser economic activity and minimal expenses on lifestyle products, people tend to save more and spend less. Moreover, the young population is migrating from the city for job opportunities in other cities, making it older in terms of average age of the city. This hugely impacts the expenses trend. A 28-year old earning Rs 30,000 a month, for instance, would not think twice before spending Rs 500 for eating out. The same is not true of a 35-year-old person earning the same monthly income.