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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.
Given you want to stay in hostel, then for men- YMCA Mumbai is good. Amazing food and located at Mumbai Central.
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?
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.