According to a latest global survey report, Kolkata becomes the most affordable city in India to live across the world. Out of 209 most-expensive cities, Kolkata ranked at 182 in the list. On the other hand, Mumbai, New Delhi, Chennai, and Bengaluru come under expensive Indian Cities to live.
The report states that factors like economy, affordable rental market and relatively higher income of people than other cities are the major reason behind Kolkata’s affordability factor.
What factors make Kolkata an affordable City?
- As of 2015, Kolkata’s GDP per capita was $1860 which is much less as compared to metro cities like Delhi and Mumbai. This means that it has relatively higher income generation than other cities. Also, due to stable economic activity and simple living style, people here save more and spend less.
- The report also revealed that the economy of Kolkata is steadily growing with many infrastructural and real estate developments. Presence of Top IT/ITes companies, MNCs and industries are also playing a major role in the city’s economic growth. Apart from this, existence of leading banks and financial institutions headquarters led to the generation of jobs for the middle-segment which further fuels up the city’s economy.
- The biggest plus point which the city has is its affordable real estate market whether residential or rental. Property price in various localities of Kolkata is budget-friendly as compared to other city’s localities. Due to this, many working professionals are flocking towards this city for better career prospects. Kaikhali, Ballygunge, Behala etc. are some of the popular rental localities of Kolkata.