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Bangalore is an agglomeration of the nation’s population, with around 50% of residents being migrants from different parts of the nation or state. Over 35% of the nation’s 2.5 million IT professionals call Bangalore their home, and the migration rate is steadily increasing at 12%. It is considered to contain one of the largest educated workforces in the world. The combination of a large chunk of the population earning well and the demand to provide comfortable accommodation to these working professionals has driven rents and costs progressively higher over the years.
There are a few main avenues that influence the cost of living. Rent, transportation, food, electricity, and Wi-Fi are the bare minimum apart from which entertainment, leisure, and other miscellaneous expenses also have a good stake. Let us break down these factors to give a good picture of what these costs compound too.
With a high demand for housing, rent takes up a large chunk of your monthly budget. While co-living and bachelor accommodation for students and professionals are available, rent structures for a single room with shared common areas and washrooms are upwards of Rs.5000, based on the locality and demand. Obtaining such low-price accommodation is possible in the fringes of the city which usually means an additional hour or two spent traveling every day, not to mention the additional costs for travel, the fatigue, and facing the traffic of Bangalore every day. The more convenient options for good accommodation are apartments in areas that are well connected to the IT hubs. The accommodation costs for a single-bedroom home in such areas are 12,000 to 16,000 a month, with an additional 2,500 in maintenance and parking costs. A 2-bedroom apartment of 900-1200 sq. ft. would set you back by 18000-22000 each month in these same areas, which is the bare minimum for a family to live in.
There are various modes of transportation available. In many cases, employers have their own office cabs or transportation. While some companies provide this free of cost, most companies charge a monthly deduction of around 3000-4000 in the employee’s salary. If the option of a company cab is not available, cab fares can range anywhere between 8,000 and 10,000 each month per person. Public transport is available and might be a more affordable option in many cases. Still, the connectivity of this transport hinges on the home’s location, and better-connected areas have higher rents, which compensates for the lower transportation charges but results in less hectic days and gives you invaluable time to focus on your family and personal life. Areas such as Sarjapur Road offer great connectivity to major business hubs like ITPL, HSR Layout, Whitefield, or Mahadevpura.
Monthly groceries, electricity bills, and internet connection are independent of your location. Generally, for a family of three, groceries can cost anywhere between 15,000 and to 20,000 based on food habits and dietary preferences. Electricity, water, and internet charges are around 2000 a month.
Education and childcare are also expenses that a family must contemplate on. Keeping aside donations, admission expenses, and such, monthly school fees in a reputed institution is a minimum of 8,000. Adding fees for extra-curricular activities like summer camps, sports academies, art classes, music, dance, martial arts, or whatever else your child is interested in, the total expense would be 10,000 to 12,000 per month.
Entertainment and leisure activities are also essential for a healthy lifestyle. A dinner for three would cost upwards of 2,000, and movie tickets, popcorn, and travel would again cost around 2,000. These expenses can be saved if the family home is in a community with good entertainment facilities, game rooms, mini theatres, swimming pools, and such amenities. Many reputed builders today offer these amenities as they provide comfort and convenience to the residents, a prime example of this being HM Indigo
The upkeep of the house and day-to-day activity also includes certain miscellaneous expenses such as clothes, toiletries, and cleaning supplies. These consumables and miscellaneous expenses are around 10,000 per month for a family of three. Considering all this, a family of three must be willing to spend around 65,000-80,000 per month to live in relative comfort in the city.