Even by billionaire standards the Antillia building in south Mumbai is by far and away the most fragrant expression of wealth anywhere in the world. This is a 27 floor personal home which has been valued at anywhere between $500 million and $1 billion, requires a full time staff of 600 and is built upon Mumbai’s millionaires away.
As you might expect from a property which is so outstandingly expensive it has a controversial history to go with it. In a world where poverty is rife it is difficult to contemplate a property which could be valued anywhere up to $1 billion looking out to the sea.
Who owns the Antillia building?
The property itself is owned by Mukesh Ambani who is the chairman of Reliance Industries and obviously a very wealthy individual in his own right. It is named after the mythical island and with a plot measuring 4532 m² it has an amazing influence on the local landscape. When you bear in mind that property in south Mumbai can go for anything between $10,000 per square metre and $25,000 per square metre, is not difficult to see where the skyhigh valuations come from.
It is estimated that because of the extended ceilings across many of the 27 floors of the property you could fit 60 floors into this particular development using traditional measurements. Initial permission for the building of the property was granted back in June 2008 with an estimated build cost of between $50 million and $70 million. The property itself was completed in 2010 and due to the increase in property values in the region was estimated to be worth up to $1 billion.
Controversy surrounds the property
It goes without saying that a property with 27 floors and worth up to $1 billion would be shrouded in controversy and mystery. There have been, and continue to be, a number of legal actions by various authorities across India with accusations that the land has been misused, the helipads on the property are illegal and allegations of fraud and corruption. The fact is that the property is finished, it is in full use and while some legal arguments continue today it is unlikely that there will be any forced changes to the property or ownership.
Quote from PropertyForum.com : “People considering buying property abroad are increasingly looking at investing in Asian countries with Thailand and India making it into the top ten most searched destinations for the first time.”
Many people have been critical of the enormous personal property which they believe replicates the growing difference between the haves and the have-nots in India. Despite the fact that the Indian economy continues to power ahead, especially when compared to its European counterpart, this increase in wealth has been distributed across a very small minority of the population. It is inconceivable to the average person in the street to comprehend a property which could be worth as much as $1 billion and indeed what you do with 27 floors and 600 staff!
The world’s most expensive homes
We will continue to monitor and research of the world’s most expensive properties and bring them to you in the weeks and months ahead. It is difficult to believe we will find a property worth anywhere near the value of Antillia but the property sector continues to a evolve, continues to move ahead and who knows what the future holds!