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My answers for lot of questions can be It Depends. But happy to help!

Put more details in your question. It'll help. Even I can answer.

+1 to Divyank's response. Depends on the area you wanna stay in and the comfort you're looking for. FYI your accomodation is going to be the biggest expense as Mumbai rentals are no joke.

Happy to help. I am from Mumbai itself so do let me know if you need anything.