Manual bank reconciliation can be tedious and time-consuming. Society Admins can spend hours logging into the bank and manually downloading and importing the bank statement files. Simultaneously, they have to ensure they don’t miss any bank statements required for reconciliation.

However with the remarkable feature of “Automated Bank Reconciliation” on Mygate ERP, the process of reconciling all payments becomes a breeze eliminating the need to sift through piles of paperwork or manually cross-checking digital records.

Step by step guide to automate bank reconciliation

1. Uploading the bank statement

• Choose the desired ledger and select the date range for the entries you wish to reconcile (e.g., 1st to 15th February).
• Opt for the specific bank ledger you want to automate reconciliation for (e.g., HDFC Bank).
• Select the appropriate format that matches your bank statement:
  • Dr/Cr & Amount format – If your bank statement displays debit or credit labels in one column and the corresponding amounts in another column, select this option.
  • Withdrawal & Deposit Amounts format – If your bank statement has separate columns for debit and credit amounts, choose this option.
• Identify and select the corresponding columns in your bank statement for labels, amounts, and bank dates.
• Upload your bank statement in either .csv or .xlsx format.

2. Verification of Reconciled Items

• After uploading the statement, you’ll find a comprehensive list of the reconciled items on your screen, with the bank dates pre-filled for your review.
• The total number of entries that have been auto-reconciled, along with their corresponding value, will be prominently displayed at the top of the list for your convenience.
• While online receipts made via the MyGate app are known to the software and are perfectly auto-reconciled, it is advised to glance over the cheque receipts given that the cheque numbers can be the same for two banks in some odd cases.

Reject the cheque reconciliation entry if any discrepancy surfaces and go ahead to submit.

Validations for cheque payment entries

To optimize the performance of this tool, we have implemented a couple of validations for cheque numbers during receipt creation:

• Cheque numbers must consist of numeric values only.
• The maximum length of a cheque number is 6 digits.

We strongly advise our dashboard users to input the cheque number exactly as it appears on their bank statement. If the number entered begins with leading zeros (e.g., 000123), but the statement displays it without them (e.g., 123), the corresponding entry will not be reconciled

Choosing an ERP solution that provides all the bells and whistles needed for a truly automated bank reconciliation process is difficult, and Mygate perfectly fits the bill providing you all the necessary benefits to efficiently manage the finances of your society.

The terms ‘unfurnished’, ‘semi-furnished’ and ‘fully-furnished’ are often thrown around when discussing rental apartments. Each term refers to the amount of (or lack of) fittings, furniture and furnishings that are provided with the home that is on offer. Often, potential renters look out for a specific type, depending on their needs and whether or not they already own furniture. Each type of home has its own pros and cons. It’s important to first understand what is included and what is excluded under each category so that you can choose the right direction to go as you begin your rental journey.

What is an unfurnished apartment?​​

Apartments are defined as unfurnished if it does not include any furniture. The apartment will not have sofas, beds, tables or any other furniture. It may have basic kitchen appliances such as a fridge or stove but even these may not be included. Unfurnished apartments are great for renters who have all their furniture and appliances already. Those looking to stay for long periods usually choose unfurnished apartments as they can decorate it and design the space to make it according to their own preferences and tastes.

Pros:

• You can decorate your space any way you choose with your furniture.
• You aren’t forced to live with an unsightly cupboard or an unmovable piece of furniture that takes up an unreasonable amount of square footage. You are free to change up your furniture as you wish.
• If you already have all your own furniture this arrangement is ideal as you will not have to sell or place your items in storage.
• The security deposit and the rent for unfurnished apartments are generally lower than that of semi- or fully-furnished apartments.

Cons:

• If you don’t like furniture shopping, an unfurnished apartment can be an unnecessary annoyance.
• Purchasing a home’s worth of furniture can cost a lot of money which you may not want to spend on a rental.
• If you move out, you will have to take all your furniture with you and find a home that is suitable to accommodate it on your next move.

What is a semi-furnished apartment?

These are apartments that have the basic fittings installed, such as lights, fans, etc. and may contain some furniture as well. This apartment will have all the basic kitchen and bathroom fittings and maybe some storage cabinets, cupboards and beds. But not all the furniture that you need to live in it will be provided. For those who already have some of their own furniture and decor and love to do their spaces up according to their liking, semi-furnished apartments work. Let’s take a look at the main pros and cons of a semi-furnished apartment.

Pros:

• The basic fittings are done such as lights, fans, sinks, etc. The rest of the furniture isn’t difficult to purchase and install as no breaking and construction work is required to the structure of the flat.
• You get to choose at least some of the furniture and appliances you want to have in your home.
• The security deposit and the rent for sem-furnished apartments is generally lower than that of fully-furnished apartments.
• For the furniture that is yours, you don’t have to worry about damage or wear and tear being charged to your security deposit if anything happens.

Cons:

• You have to move your own furniture each time you move into a new home. It can be costly as well as a big effort with packing and unpacking.
• Buying furniture and decor isn’t cheap. To furnish a home you must invest a decent amount of money.
• You may not enjoy having to design and furnish a home at this point in your life which can be an added stress if you already have a hectic schedule.

What is a furnished apartment?

The term ‘furnished apartment’ does not have a single definition that includes specific items that will be included in a home. This means that the owner is not obligated to provide a particular number of items or amenities to the person who is renting the home.

A furnished apartment will usually have basic furniture (especially large items) and furnishings provided. This could include shelves, cupboards, storage units, beds, dining table, etc. It most often also includes fittings such as lights and fans. It can also include appliances such as a refrigerator and air-conditioner.

It is possible to negotiate with the landlord for more amenities. If they are keen to have you as a tenant they may provide you with what you need. The owner is not obliged to provide the renter with all the amenities you need as long as he is clear about what is available when the agreement is made.

Furnished flats are great options for younger people who don’t want to invest in furniture or who are planning to live in an area only for a short period. Students, single people, or young couples who are new to a city may all prefer to rent furnished apartments to avoid the hassle and costs of purchasing furniture.

Pros:

• You are provided with the basic fittings such as lights, fans, sinks, etc, as well as furniture such as cupboards, tables and beds.
• You don’t have to spend a lot of money on furniture and doing up the flat as most of this is already included.
• You won’t have to spend time and effort buying and setting up furniture.
• You do not have to move your entire home’s worth of furniture each time you move into a new home.

Cons:

• The security deposit and the rent for a furnished apartment is generally higher than that of semi-furnished apartments.
• If you don’t like the furniture, you will have to put up with it when living in the apartment. You will likely not be allowed to remove any furniture from the flat.
• If you damage the furniture it could come out of your security deposit.

What is a fully-furnished apartment?

A fully-furnished apartment has all or almost all the amenities that a resident would require for comfortable living. This includes furniture such as cupboards, beds, sofa sets, chairs and tables and appliances such as air-conditioners and water heaters. It may even include common kitchen appliances such as a refrigerator, electric kettle, stove and microwave oven.

A fully furnished apartment is hard to find as the brunt of the wear and tear costs of furniture and appliances are then borne mainly by the landlord. Usually, it is only serviced apartments that contain all the amenities needed without needing the resident to contribute his own. Serviced apartments also contain soft furnishings such as curtains and linens, as well as cookware, crockery and cutlery for the kitchen. These apartments are few in India and are generally used for short-term stays of weeks to a few months.

Pros:

• You are provided with all the fittings and furniture you need. Serviced apartments even come with bed linen and soft furnishings.
• You won’t have to spend any money buying furniture or time looking for the right size and style of furniture to suit your home.
• You do not have to move your entire home’s worth of furniture each time you move into a new home.
• This arrangement is ideal for professionals who may need to move a lot due to work as well as those who do not want to invest in their own furniture.

Cons:

• The security deposit and the rent for fully-furnished apartments are generally higher than that of semi-furnished apartments.
• Even if the furniture is not to your taste, you will have to bear with it when living in the apartment. You will likely not be allowed to remove any furniture from the flat.
• If you damage the furniture it could come out of your security deposit.

For proper handling of accounting data within our societies, we maintain partitions of financial year periods. Hence, it is very important, like previous years, to process all the transactions from FY 2022-23 to 2023-24 to ensure there is no arrear difference in your bills.

 

1. 1. To help out all the societies in their daily activities, we are automatically transferring the data for the 2022-23 Financial Year to the 2023-24 Financial Year on 1st April 2023.

1. 1. However, if you are doing any changes to FY 2022-23 or any other previous year on or after 1st April 2023, it is strictly advised to process that year with the below steps:
      Go to Financial Year (within the header of the dashboard home page or Settings >> Financial Year)
      Go to Financial year-end processing >> Select the year you have made the changes >> Click on Process >> Wait until the process is done.

Again, in order to remind our accounting users of updated transactions in a previous year that have not been processed, we have implemented a warning message on the dashboard.

Under the Financial Year button on the header of the dashboard home page, an alert symbol along with the message mentioning the exact Financial Year yet to be processed is highlighted!

There are several problems that land owners may face in India where the judicial system lags and unlawful acts can often be committed with little consequence. Under the umbrella of ‘property problems’, perhaps the most common and feared is illegal property possession. This happens when a person, who isn’t the owner of a property, occupies the property without the permission of the owner. The squatter may go to great lengths to prove ‘ownership’ of that land by forging documents and lying about their right to it. Plots of land are usually more likely to be grabbed by unlawful possession over homes such as apartments as homes are usually easier to keep track of and have a greater level of security to protect against squatters.

Illegal property possession can be a huge problem as, when a squatter lives on a property (uninterruptedly) for a period of 12 years, they can even claim a right to own it through a legal loophole called adverse possession. Through adverse possession, a non-property owner can actually gain ownership of the property they have been occupying if certain criteria have been met.

Therefore, it’s vital that property owners understand what illegal possession and adverse possession are to know how to prevent losing their properties.

What is illegal property possession?

Illegal property possession is when a person who does not own a property legally occupies it without the permission or consent of the owner.

If the person occupying the property has the consent of the owner to use the property then they would be legally valid in doing so. This happens when a property is rented or leased out to tenants. In these cases, the tenants are given limited rights to use the property for a specified time, outlined by the landlord. If the tenant continues to stay on the property after the specified time has passed, then they would be in illegal possession of the place.

What is adverse possession?

Adverse possession is when a tenant occupies a property for over 12 years consecutively and without interruption. So, if a person has lived on a property or land that has no title for 12 years consecutively with the owner’s consent, they have the legal right to claim ownership of that land. When an owner fails to remove a trespasser from their property over a certain time period, that owner can lose ownership of their property.

The term ‘Adverse Possession’ was established by the Supreme Court of India in the case of ‘Amarendra Pratap Singh v. Tej Bahadur Prajapati’. It was first introduced by British Rulers and established to help the usage of land. But it later started to negatively impact property owners when squatters and tenants started to take advantage, using the law for hostile possession and denying the land owner their right to their property.

Dealing with illegal possession

Property owners need to be vigilant to make sure their property is not at risk of being possessed illegally. It’s not just strangers that are capable of duping well-meaning landlords, tenants too may have ill intentions when residing on your property. Here are some precautions and measures to take to keep your prized possession safe.

1. Check frequently with visits

If you leave your property unattended, you are putting it at great risk of criminals trying to seize it. This is especially true for property located in expensive prime areas. Ensure that your property does not look like it has been forgotten. Keep it maintained and make security arrangements if you cannot attend to it regularly. This could include getting a security guard if you have a house and land, and constructing a boundary wall. The best way to ensure that your property stays safe is to check on it often with personal visits.

2. Change your tenants often

Do not let the same tenant reside at your property for an extremely long period of time. It’s important to change your tenants after a few years and have a legally-valid rental contract that states all the terms and conditions that the tenant is to follow clearly. Most landlords rent out their homes for 11 months before the rent agreement is renewed. This gives the landlord the choice to continue with or evict their existing tenant legally.

3. Construct a boundary wall

A boundary wall is very essential for plots and land parcels. Even if you live on or near the property, a clear boundary wall is a necessary expensive as it gives outsiders clear indication that the property is owned. A residential unit can also be constructed to limit the interest of land sharks. If you happen to live away from the area of your property (especially if you are a non-resident Indian – NRI), it is advisable to have a trusted caretaker that stays on the property or visits regularly to prevent illegal activities.

4. Put up a warning sign

Even with a boundary wall erected, it is advisable to include a warning sign on the outside of your property. Putting up a no-trespassing sign board can deter criminals away. Also mention that the property is private and that trespassers will be prosecuted.

5. Be vigilant when you rent out your property

In some cases, tenants may refuse to vacate properties they have rented. This may be rare but it is not unheard of. Make sure that you verify your tenants carefully before agreeing to rent out your space to them. The tenancy has to be protected with a registered rent agreement to avoid legal pitfalls. Once the property is rented out, keep an eye out for strange activities or behaviour with regular checks with the tenant as well as visits. If you live away, neighbours or friends and family nearby should check on the premises in your absence.

Taking legal action against illegal possession of property

There are various provisions of the Indian law to help those who have fallen victim to illegal activities regarding property possession.

If this should happen, you must first file a written police complaint with the city’s superintendent of police (SP) of the area where the property is located. If the SP does not acknowledge the complaint, you can file a personal complaint in the court concerned.

You can file an FIR as well. Keep a copy of the complaint with you. The authorities will have to proceed under Section 145 of the Code of Criminal Procedure (CRPC).

There is also the Sections 5 and 6 of the Specific Relief Act, for those who have been dispossessed of their property. They may recover their right to the property by proving previous possession and subsequent illegal dispossession.

Indian Penal Code sections that apply to situations regarding illegal property possession

1. Section 441: Defines criminal trespass

“Whoever enters into or upon property in the possession of another with intent to commit an offence or to intimidate, insult or annoy any person in possession of such property, or having lawfully entered into or upon such property, unlawfully remains there with intent thereby to intimidate, insult or annoy any such person, or with intent to commit an offence, is said to commit ‘criminal trespass’.”

2. Section 420: Deals with cheating and dishonestly inducing delivery of property

“Whoever cheats and thereby dishonestly induces the person de­ceived to deliver any property to any person, or to make, alter or destroy the whole or any part of a valuable security, or anything which is signed or sealed, and which is capable of being converted into a valuable security, shall be punished with imprisonment of either description for a term which may extend to seven years, and shall also be liable to fine.”

3. Section 425: Deals with mischief

“Whoever with intent to cause, or knowing that he is likely to cause, wrongful loss or damage to the public or to any person, causes the destruction of any property, or any such change in any property or in the situation thereof destroys or diminishes its value or utility, or affects it injuriously, commits ‘mischief’.”

4. Section 442: Deals with house trespass

“Whoever commits criminal trespass by enter­ing into or remaining in any building, tent or vessel used as a human dwelling or any building used as a place for worship, or as a place for the custody of property, is said to commit ‘house-trespass’.”

5. Section 503: Deals with criminal intimidation

“Whoever threatens another with any injury to his person, reputation or property, or to the person or reputation of any one in whom that person is interested, with intent to cause alarm to that person, or to cause that person to do any act which he is not legally bound to do, or to omit to do any act which that person is legally entitled to do, as the means of avoiding the execution of such threat, commits criminal intimidation.”

Gurgaon, southwest of New Delhi, is the second-largest information technology hub and third-largest financial and banking hub in India. It is also well-known for its medical tourism industry and has over 250 offices of Fortune 500 companies as well as thousands of startups. Naturally, there are plenty of opportunities here for professionals looking to excel in their careers. This brings a steady influx of students, young professionals and families seeking out new beginnings in the city.

Perhaps you too are planning to move to Gurgaon soon. It’s useful to know the cost of living before you move so that you are prepared with a budget that ensures comfortable living once you are there. The cost of living will have to include multiple components. You will have to account for expenses such as accommodation, transportation, and lifestyle choices. Here is an overview of the cost of living in Gurgaon.

An overview of the cost of living in Gurgaon

Before getting into detail about the cost of living in Gurgaon, let’s look into some general approximates regarding rents and household expenses for different types of residents. We’ll include singles and students, families and couples in our analysis. This is to give readers a basic idea of how much they could be spending in the month. Of course, some costs and expenses like entertainment, travel, shopping and leisure activities are very subjective and can be counted in addition to the estimates below.

Cost of living in Gurgaon: students and singles

1. Housing expenses

If you are single or a student, you will be looking for paying guest accommodation, or one or two BHK to rent on your own or as a shared apartment. 1 BHK apartments in Gurgaon usually cost about Rs 15,000 per month on rent. A 2 BHK apartment can cost over Rs 20,000 per month to rent out.

2. Household expenses

When calculating household expenses, costs usually include paying a cook, a maid, apartment maintenance charges, electricity and internet bills, car or bike wash, grocery and food bills. For those residing in a shared apartment, splitting these expenses can bring your expenses down every month. These costs amount to Rs4000- Rs8000 a month for one person.

Cost of living in Gurgaon: family with kids

1. Housing expenses

If you are moving to Gurgaon as a family, you are probably looking to stay in a 2 BHK flat. Rents for decent apartments can cost around Rs 25,000 – Rs 40,000 per month. Of course, it is dependent on the area you choose to reside in. A home in Gurgaon costs around Rs 80 lakh onwards.

2. Household expenses

If you have a family of three or four members, with school-going children, estimate monthly expenses to include the children’s school fees, clothes and nanny salary. Additionally, there will be regular expenses such as a cook, a maid, apartment maintenance charges, electricity and internet bills, car or bike wash, grocery bills and food bills. This can cost up to Rs30,000 per month.

Cost of living in Gurgaon: couples

1. Housing expenses

The rent of your home is largely dependent on its size as well as the area in which it is in. If you are part of a couple looking for a decent-sized 1 BHK flat in Gurgaon, it costs around Rs 15,000 per month on rent. If you are looking to buy property, the area of the flat, amenities, neighborhood and type of property affect the cost. A 1BHK will cost approximately Rs 40 lakh to Rs 60 lakh in a decent area. In a more affluent area, this cost can go over Rs 1 crore.

2. Household expenses

The monthly expenses for a couple will include costs for house help such as a cook and maid, building maintenance charges, electricity and internet bills, car/bike wash, grocery bills and food bills. This should cost around Rs 15,000 to Rs 20,000 per month for a couple.

How much do things cost in Gurgaon

Let’s dive into the costs of necessities in Gurgaon to get an idea of how to estimate your cost of living in the city.

1. Accommodation costs in Gurgaon

The cost of accommodation will vary according to the size of the flat, the number of bedrooms and the area in which the home is located. On average, 2BHK in Gurgaon costs around Rs22,000 to Rs 30,000 a month to rent. This will not include the security deposit and monthly maintenance that you may have to pay. Here is an overview of the rents in Gurgaon:

1 BHK: Rs 15,000 – Rs 20,000
2 BHK: Rs 22,000 – Rs 30,000
3 BHK: Rs 35,000 – Rs 70,000

2. Commuting costs in Gurgaon

Commuting costs depend on which mode of transportation you choose. Transportation can be a bit of an issue in Gurgaon as most residents choose to use their own vehicles. This leads to heavy traffic and jams during peak hours. The public transport in Gurgaon, while improving, is not as efficient and far-reaching as metros like Mumbai. Even the frequency of buses leaves a lot to be desired. The city is, however, connected well to the Delhi Metro. This makes it easy to travel to Delhi and back when needed.

Using shared autorickshaws and private taxis are also a popular option for the people of Gurgaon. This requires a bit of planning as fares can be high and availability is not always guaranteed.

On average, you can expect transport to cost you between Rs. 4,000 and Rs.5,000 monthly if using your own vehicle. If you have a bike or scooter, expect to spend around Rs. 1500 to Rs. 2000 per month. Those who choose public transport typically spend Rs. 3000 a month.

3. Utilities costs in Gurgaon

Your utilities bills can largely depend on the season in Gurgaon. Summers are extremely hot and humid which makes most residents use their air-conditioners a lot. Winters are cold, with temperations dropping to the 8-10 degrees celcius, so heating may be required in those months. If you live in an area with frequent power outages, you may need to invest in a generator as well, increasing your utility bills.

Also take into account other monthly expenses such as mobile phone bills, internet bills, gas and building maintenance. All of this may be estimated at around Rs 4000 to Rs 6000 per month.

4. Childcare and school fees in Gurgaon

Childcare and school feels varys with the kind of school you send your child to. Regular preschools can costs Rs 2,500 per month or so. International board schools cost much more at around Rs 10,000 a month for preschool. Here’s an stimates of school fees in Gurgaon:
Preschool or Kindergarten, monthly: Rs. 5000 to Rs. 7000
Primary Schools, monthly: Rs. 7000 to Rs. 10,000
International Primary School, Yearly: Rs. 1 lakh to Rs. 2 lakh

5. Grocery costs in Gurgaon

Gurgaon may seem less costly for foodstuffs than bigger cities such as Delhi and Mumbai. If fancy yourself a home chef, your monthly food costs can be brought down significantly. For those who prefer not to cook at home, but want homely meals, hiring a cook is a good choice. This costs around Rs. 2000 to Rs. 4000 per month. Cooking at home will garner you grocery bills of about Rs. 2500–4000 per month.

6. Eating out costs in Gurgaon

There are plenty of great places to get a bite in Gurgaon. From street stalls serving delicious snacks to world-class resturants. So you’ll be forgiven if you want to try it all and overstep your food budget. At around Rs. 1000 to Rs.5000 a month, you can get your fill of Gurgaon’s treats – there is something to suit all budgets.

The ‘City of Joy’ is what Kolkata is known as in India. Previously called Calcutta, it is the capital of the state of West Bengal. As it was an East India Company trading post, during the British Raj, Kolkata retains the impactful colonial architecture and has rich history and culture associated with it. There are beautiful art galleries and several cultural festivals that have people from all over India flocking here to experience.

Kolkata is also famous for being the location of Mother House, the headquarters of Mother Teresa’s Missionaries of Charity. It is located along the Hooghly River, which makes it incredibly beautiful. Some iconic locations in Kolkata include Victoria Memorial, Marble Palace, Howrah Bridge, Sunderbans and Kalighat Kali Temple.

With its vibrant culture, rich history, delicious cuisine and job opportunities, the city draws those from all over India. There are many famous international and Indian organisations with offices here, including Britannia, Coal India, National Insurance Company, Reliance Industries and ITC Limited.

Living in Kolkata is considerably more affordable than in other metros in India such as Mumbai or Delhi. Let’s take a look at the cost of living in Kolkata.

An overview of the cost of living in Kolkata

Before we delve deep into the cost of living in Kolkata, we’ll draw out an overview of rents and household expenses for different types of people living there. Here we will include students and single people, couples and families. This will give you a basic idea of how much each group will approximately be spending each month. Keep in mind that some expenses such as entertainment (movies, theatre plays, activities and hobbies), travel costs (for work and leisure), shopping and leisure activities are very subjective. These costs will need to be added to the estimates mentioned below.

Cost of living in Kolkata: students and singles

1. Housing expenses

Renting a home in Kolkata is considered quite affordable when compared to other big cities in India like Mumbai, Bangalore and Delhi. So if you are planning on living by yourself, you won’t have to worry about paying very high rent. There are many paying guest accommodation options for those with budgets under Rs. 8,000 a month. You can take care of your basic accommodation needs for as low as Rs.4,000 to Rs. 8000 a month if you are renting out a room as a paying guest. You can even rent out a 1BHK apartment for as low as Rs. 8,000 a month. Rents for 1 BHK go up to even Rs. 20,000 a month – this all depends on the size and location of the apartment.

You’ll find reasonably-priced properties in areas like New Town, Gariahat, Bhawanipur, Garia, Rajarhat, Belghoria, Howrah, Kalighat, Elgin Road and Barrackpore. If you plan on sharing accommodation, you may be looking for a 2BHK, which will cost approximately Rs. 12,000 to Rs. 30,000 a month.

2. Household expenses

Household expenses usually include a maid’s and cook’s salary, building maintenance charges, electricity and internet bills, car or bike wash, as well as your grocery and food bills. Dividing these expenses can bring your expenses down every month – which is why it makes sense to share your accommodation if you are on a tight budget. These household expenses cost around Rs. 4,000 to Rs. 8,000 a month per person.

Cost of living in Kolkata: family with kids

1. Housing expenses

Moving to Kolkata as a family? If you are looking for accommodation in a 2 BHK flat, rental costs for decent apartments can be between Rs. 12,000 to Rs. 25,000 per month. The price depends on the area you choose to rent in. A home in Kolkata costs around Rs. 35 lakh onwards.

2. Household expenses

A family of four who have school-going kids will have a variety of expenses, including children’s school fees, books, clothes, entertainment and nanny salary. Additionally, you will have monthly costs such as a cook, a maid, apartment maintenance charges, electricity and internet bills, car or bike wash, grocery bills and food bills. This can cost between Rs. 20,000 and Rs. 30,000 per month for the whole family.

Cost of living in Kolkata: couples

1. Housing expenses

The rent that you have to pay for a home is linked to the square footage of the place and the area where it is located. For an average 1 BHK flat in Kolkata, expect to pay around Rs. 8,000 to Rs. 10,000 each month for rent. When buying property, its cost will depend on the area of the flat, amenities and the location. A 1BHK costs about Rs. 35 lakh in a decent area. In more expensive areas, this can go to over Rs. 60 lakhs.

2. Household expenses

Expenses monthly for a couple should cost around Rs. 15,000 to Rs. 20,000 per month. This is taking into account costs for house help such as a cook and maid, building maintenance charges, electricity and internet bills, car/bike wash, grocery bills and food bills.

How much do things cost in Kolkata

Let’s take a look into the costs of everyday necessities in Kolkata to get an approximate of how much it costs to live here.

1. Accommodation costs in Kolkata

Accommodation costs will depend on the size of your apartment, how many bedrooms and bathrooms it has, its maintenance as well as the area in which it is located.

A 2BHK in Kolkata costs around Rs. 12,000 onwards a month to rent. This does not count in the security deposit and monthly maintenance you may have to pay. Here is an overview of the rents in Kolkata:

1 BHK: Rs. 4,000 – Rs. 12,000
2 BHK: Rs. 12,000 – Rs. 25,000
3 BHK: Rs. 25,000 – Rs. 40,000

2. Commuting costs in Kolkata

Kolkata has a good public transport system. You can hop on a public bus – there are air conditioned ones too – which ply throughout the city. You can even catch a metro train to take you across the city. The old-fashioned trams still run on some routes if you’d like a bit of nostalgia with your commute.

If you are taking a taxi in Kolkata, you can choose from their iconic yellow Ambassador taxis that can be hailed from the road or you can book an Ola or Uber taxi through an app. The traditional taxis charge by the metre and fares usually start at Rs. 30, with an increase of Rs. 3 rupees every 200 metres after the first 2 kilometres are done.

Uber and Ola taxi fares are usually around Rs. 50 for pickup with an additional fare of Rs. 63, and then Rs. 8-9 per kilometre. Rickshaws are available at a base fare or around Rs. 10. These rickshaws generally travel fixed routes and are shared. So you’ll be paying just for your seat and will have to make sure the driver is going in the direction of your destination. Buses in Kolkata operate in the same way and once you know your route, it is an economical way to get around.

On average, you can expect transport to cost you between Rs. 2,000 and Rs.4,000 monthly if using your own vehicle. If you have a bike or scooter, expect to spend around Rs. 1,000 to Rs. 1,500 per month. Those who choose public transport typically spend Rs. 500 to Rs. 1,000 a month.

3. Utilities costs in Kolkata

The costs for electricity, water and garbage handling on residential properties in Kolkata costs between Rs 1,500 and 5,000 per month.

Also take into account other monthly costs such as mobile phone bills, internet bills and gas. This can be estimated at around Rs. 2,000 to Rs. 4,000 per month.

4. Childcare and school fees in Kolkata

The cost of childcare and school fees depends on the type of daycare or school your child goes to. Preschools start at Rs 2,000 per month. International board schools cost more, with fees going up to Rs 10,000 a month for preschool. Here’s an estimate of school fees in Kolkata.

Preschool or Kindergarten, monthly: Rs. 2000 to Rs. 10,000
Primary Schools, monthly: Rs. 7,000 to Rs. 10,000
International Primary School, Yearly: Rs. 50,000 lakh to Rs. 2 lakh

5. Grocery costs in Kolkata

If you are in Kolkata, you can’t miss going to the old Market which sells everything from books and flowers to vegetables, local milk products and bakery items. There are many great markets in the city to explore and buy groceries. Kolkata can be less costly for food items than metros like Delhi and Mumbai. Cooking at home will cost you around Rs. 1,500 – 3,000 per month in grocery bills.

6. Eating out costs in Kolkata

Kolkata is known for its spectacular street food culture where you can get delicious delicacies at extremely economical prices. There is also a wide selection of new high-end and old iconic restaurants filled with delicious food and history. You can get a meal for as little as Rs. 25 at a roadside vendor or treat yourself at one of the many great restaurants. The city is known for its seafood dishes as well as vegetarian food. At around Rs. 500 to Rs. 3,000 a month, you can sample a plethora of Kolkata’s treats, whatever your budget may be.