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Journalism of Courage
A Mumbai lane where India’s richest person Mukesh Ambani is building a billion-dollar home has joined the league of the world’s 10 most expensive streets, but is outranked by London’s Billionaires Row where steel tycoon Lakshmi Mittal owns three houses.
Altamount Road in Mumbai has been named as the 10th costliest in a survey of the world’s top 10 most expensive streets in the world, while London’s Kensington Palace Gardens has been ranked fourth.
While the tree-lined street in south Mumbai is a favourite of India’s “very rich”, Kensington Palace Gardens in West London is popularly known as Billionaires Row. It has also been home to Late Princess Diana.
In the survey conducted by Wealth-Bulletin, a UK-based online news and analysis provider for global wealth management industry, Avenue Princess Grace in Monaco has been named at the top at $1,90,000 per sqm.
It is followed by Hong Kong’s Severn Road with a price of $1,21,000 per sqm and New York City’s Fifth Avenue at $ 80,000 per sqm. Kensington Palace Gardens has made to fourth place with a price tag of $77,000 per sqm, while Mumbai’s Altamount Road has a tag of $25,000 per sqm.
Noting that the Mumbai lane has always been a popular choice for homes of India’s very rich, Wealth-Bulletin said that the street was “catapulted into the ranks of the world’s most expensive when India’s wealthiest individual Mukesh Ambani unveiled plans last year to build a residential apartment block on the street at a cost of around $1 billion.”
Other streets ranked costlier than Mumbai’s Altamount Road in the list include Avenue Montaigne in Paris, ranked fifth at $54,000 per sqm, Moscow’s Ostozhenka (sixth at $40,000 per sqm), Via Suvretta in St Moritz (seventh at $38,000 per sqm) and Carolwood Drive in Los Angeles (eighth ranked at $30,000 per sqm).
The survey revealed that the prices for the top homes in the best locations appear to have decoupled from the gloom and doom being felt in the wider property market. “The bursting of the housing market bubble is growing louder, causing increasing concern among a widening spectrum of the population, but for the really wealthy the downturn might have little or no impact on the prices they are paying, or selling for homes,” it said.
Wealth-Bulletin said Moscow’s Ostozhenka Street and Altamount Road “would not have even been considered for the list a decade ago, but their inclusion shows just how important these cities have become for burgeoning billionaire class.”
