Liveability assessments of informal urban settlements are scarce. In India, a number of slum upgrading schemes have been implemented over the last decades aiming at better living conditions. However, these schemes rarely consider improvement in liveability as an explicit criterion, assuming that better physical conditions and the provision of basic services inevitably lead to better liveability. We use Fuzzy Cognitive Maps (FCMs) to analyse liveability in four different informal settlements in Pune (India). We compare the liveability by conducting semi-structured interviews with residents and by analysing them in individual and aggregated FCMs. Each settlement represents an archetypical form of the upgradation process: non-upgraded (base case), in-situ upgraded, relocated, and temporary resettlement. The FCMs show that the liveability indicators availability of community space, proximity to public transportation, feeling of belonging, and good relationship with neighbours and community are central elements of these neighbourhoods’ liveability. The results suggest that upgradation may lead to an improved overall liveability but can also reduce it if not designed properly. The fostering of community agency, an integration of the neighbourhood into the formal city fabric, and the maintaining of cohesion during the shift from horizontal to vertical living emerged as critical factors. To ensure sustainable integration of liveability considerations in slum upgrading schemes, we suggest using indicators well-adapted to the local context, co-created with local experts and stakeholders, as well as periodic post-occupancy liveability evaluations.