An average estimated increase of five percent increase in footwear and clothing and an increase of fourteen percent in the house rentals has made Chennai the third most expensive city in the nation.
A New York based HR consulting firm has estimated that the city Chennai comes after Mumbai, which is the country’s costliest city followed by Delhi. The survey basically calculates the cost of living based on close to two hundred items that range from housing to transport, which the expats generally spend their money on.
This survey will certainly help the MNC’s to determine the salary levels when they are posting their employees across the world. However, when you see it in global standing, Chennai dropped by 1 rank and was the 159th most expensive city. The previous year’s survey by the company predicted that Chennai was 158th most expensive city in the world.
The firm stated that the city is the costliest when it comes to clothing and footwear and this category has seen a rise of four percent over last year. However, if you see the overall cost of living index, the survey discovered that Chennai is just five percent less than Delhi. The survey also detected that the cost of dairy products and groceries in Chennai can be compared to cities like Delhi and Mumbai.
House rentals have seen an incredible rise in the past one year in Chennai. The survey stated that when compared to the previous year’s study the house rentals has seen an increase of 13 percent.
According to the survey, Chennai now ranks second after Mumbai in the cost of tobacco and alcohol. There is a lot of Government run TASMAC shops as well, but the expats might not have noticed this in the city.
Though Chennai’s cost of living can be a serious concern for the common man, the neighboring city Bangalore, which currently ranks twenty two places below the Chennai city in the global list, is also catching up pretty fast. It has now jumped by 3 places from the 183rd spot in the year 2015 to 180th position in the current year, Bengaluru city has seen very good rise in inflation. When compared to the other Indian cities, Bangalore actually saw the biggest increase in annual inflation from approximately 3.5 percent to 6.09 percent.