Mumbai's Sky-High Rents Trigger Brain Drain

• Mumbai's 1 BHK rent: ₹5.18 lakh annually, surpassing junior-level salaries of ₹4.49 lakh.
• Comparison: Bengaluru and Delhi-NCR rents are nearly half, at ₹2.32 lakh and ₹2.29 lakh respectively.
• Mid-level strain: Mumbai mid-level employees spend ₹7.5 lakh on rent, nearly half their ₹15.07 lakh salary.
• Senior exodus: Senior professionals leave Mumbai for affordable cities, seeking better quality of life.
• High approval costs: Mumbai's real estate approval costs are 25-50 times higher than other major cities, making affordable housing unfeasible.

Source: Mint, News 18, Hindustan Times