Mumbai among top ten most expensive cities in the world

Mumbai, May 22 (UNI) Finance Minister P Chidambaram's vision of making India's financial capital Mumbai as international financial hub got a boost today as the island city got into the list of ten 'most expensive cities' in the world in terms of cost of accomodation.

According to a survey carried out by International Human Resources Internationa, ECA, Mumbai enjoys seventh position among the top ten cities.

In December last year, the ECA international had ranked Mumbai at 26th position in Asia, one below Thai capital Bangkok and one position above Vietnam capital Hano in its 'cost of living survey.' The list comprises Hong Kong, Tokyo, New York, Moscow, Seoul, London, Mumbai, Shanghai, Caracas (Venezuela) and Paris (in order of their position).

''High rentals in Tokyo, New York, Seoul, Moscow, London and Paris largely reflect high living costs in these locations, while Mumbai, Shanghai and Beijing suffer from a shortage of modern and well equipped properties, pushing prices up for those properties,'' ECA International Hong Kong General Manager Lee Quane said.

However, Caracas, capital of Venezuela has also broken into the list, holding tenth position in the survey.

Indian leaders, including Prime Minister Manmohan Singh, Finance Minister P Chidambaram and Maharshtra Chief Minister Vilasrao Deshmukh have long been talking of developing Mumbai on the lines of Shanghai.

The government's plan seems to be very much on way, especially after the submission of a high-powered committee report on making Mumbai as the international hub along with New York, Singapore and Dubai last month and Finance Minister's statement last April that the government will set up a committee to lay a roadmap in acheiving the goal.

The presence of a large number of financial market players such as banks, insurance companies, stock exchanges, capital market intermediaries, among others gives an edge to Mumbai in making the city as the epicentre of international business.

Moreover, availability of high-quality support lawyers, accountants and the high level of connectivity to international destinations also work in Mumbai's favour.

UNI