While residents of the cities might disagree, a new report has listed four Indian cities among the world’s top 10 cheapest places to live. Bengaluru ranks third, while Chennai, Mumbai and New Delhi follow in the sixth, seventh and 10th positions in the Economist Intelligence Unit study.

In its Worldwide Cost of Living 2017 report, the EIU noted that there is some amount of risk involved in these cities. “Although the Indian subcontinent remains structurally cheap, instability is becoming an increasingly prominent factor in lowering the relative cost of living of a location,” read the report, adding that the risk factor was not unique to Indian cities.

Kazakhstan’s largest metropolis Almaty tops the list, followed by Lagos in Nigeria, and Pakistan’s Karachi features in the fourth spot. Singapore retained its status as the world’s most expensive city for the fourth consecutive year. Hong Kong and Zurich follow suit. New York City is the only city from North America to be listed among the top 10 most expensive places.

The Worldwide Cost of Living report is a biennial survey. The rankings are decided after comparisons are made among more than 400 individual prices of 160 products and services, including food, drink, clothing, house rent, transport, utility bills and recreational costs.