You can go cheap or if you want to live like a star you could blow AUD1000 and not even be warming up.
You have to go to Toto's garage in Bandra, essential experience. Its so tacky that its cool.
I'm not too sure about budget accomodation sorry, best check on virtualtourist for that.
All the best. about 10 years ago
The cheapest place is the Red Shield. But beware, it is a tricky business getting a room at times. Check in/out is at 9 am, and when we were there, there were several people each day just waiting to see if anyone was going to be checking out. We paid just over 700 Rs for a double room and this came with complimentary breakfast (as does everyone staying in the dorms) and lunch too - don't expect a great feed.
They are pretty basic rooms with shared bathrooms, which seemed to have a few plumbing problems.
It seems to be a pretty popular place for travellers - and pretty safe. And if you're on a budget this is probably you're best bet.
There are a few good cheap restaurants around the area. Especially one on Shahid Bhagat Singh Rd...I think it was called something like the Majestic Palace? Best value for money - we probably didn't pay more than AU$5 for a feast between us, and most of it was damn good. That's if you don't mind eating with the locals anyway.
Overall though my advice is to get out of Mumbai. It is just a big dirty westernised city, with a disgusting difference between rich and poor. Your money will go a lot further and be enjoyed more in another city! about 10 years ago