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Don't agree with you. Even a one bhk flat in Mumbai at half decent location costs around 40 thousand. To add to it, you won't take crowded locals to travel to office. Add around 20 thousand per month to cab fare. Maids are costly in Mumbai. A decent life for a non-married person costs around 75 thousand per month. Break-up of costs shared above.
You can get 1 bhk around 25k easily around Andheri, Ghatkopar, Sion, Mulund, etc. Colaba you can get studio flat in around 35-40k. Also 20k in Cab fare? How did you come up with that? Assuming you would go to office all 30 days, 20000?30 comes to about 666 in cab fare per day. Itna ni hoga, cause majority of the days you will leave office beyond 9, so you will get reimbursement from firm. Metro bhi chal jaayegi agle saal se. Maid max 5k, considering you would arrange food via tiffin service or somewhere else.
There was another thread on LI in November iirc.
For me, rent - 35 + furniture - 3 + maid/cook - 3 + groceries - 5 + local travel and partying etc another 20.
It is possible to save 30k as an A0. Most of my friends manage to do so.
aren't there are decent cheap places to live in mumbai, everyone cannot afford 25K rent pm?
I heard about Shanti Niketan hostel, how is it?
Given you want to stay in hostel, then for men- YMCA Mumbai is good. Amazing food and located at Mumbai Central.
Shanti niketan had bed bugs when I was there last time. Horrible :(

But if bed bug issue is resolved, you may consider it, but I dont think it is a long term option anyway.