The impact of socio-cultural outlooks on the acceptance of sustainability measures in a low-income context should be complemented by better understanding of socio-economic drivers to bridge the gaps between policy expectation and acceptance in social housing projects. The study attempts to explore the different aspects of well-being in determining the housing satisfaction of the residents of social housing under the slum rehabilitation schemes in Mumbai. Social housing offers considerably improved social and environmental sustainability components compared to slums; however, social acceptability remains low due to their location disadvantages. Using primary data collection from the sample of 298 households in Mumbai, the paper explores the varying levels of their housing satisfaction. The study found that economic opportunity is low in slum rehabilitation, mostly reflected in the job loss of the second earner, exacerbated by the change of work after shifting to social housing. Among other factors, location, accessibility of the building, household size and opportunity for social engagement play the most critical role in deciding the households’ perceived housing satisfaction with social housing compared to slums.