With the cascading flooding events over the past decades, several structural and non-structural measures have been effectively implemented for improved flood management. However, the uneven impacts of the flooding events have highlighted that socio-economic inequality amongst the community needs to be addressed along with hazards to devise long term and sustainable flood management strategies. This study aims to evaluate the impact of socio-economic adaptive scenarios over an urban coastal catchment for reduction in flood risk. Flood risk is estimated utilizing socio-economic aspects (vulnerability) and flood inundation (hazard), for the highly flood-prone coastal city of Mumbai, India. A multivariate approach is used for assessing socio-economic vulnerability, starting with Principal Component Analysis followed by Data Envelopment Analysis, for various socio-economic scenarios, i.e., by reducing percentage of certain feasible socio-economic sensitivity indicators, to identify the key indicators, which contribute to significant change in vulnerability. The flood hazard is assessed through a comprehensive hydrodynamic flood modelling approach to quantify the flood inundation depth and extent. The flood risk is, thereafter, evaluated by combining socio-economic vulnerability and flood hazard using bivariate risk mapping approach. The results indicate that, with the decrease in alteration percentage of certain feasible socio-economic sensitivity indicators, the overall vulnerability and flood risk may be reduced. The areas under very high and high vulnerability classes reduce gradually for all scenarios as the percentage reduction for various indicators is varied from 5 % to 15 %, total illiteracy being the most significant indicator. This study marks the first effort to discern socio-economic vulnerability indicators that have the potential to significantly diminish flood risk, thereby constituting a viable long-term flood risk mitigation strategy. This novel framework is generic and applicable to any flood prone catchments, to devise appropriate long-term flood management measures.