Nestled in the heart of one of the world's poorest countries lay the construction site of all construction sites. Ranked #14 according to Forbes' latest edition of the world's richest people with an estimated net worth around forty billion dollars, Mukesh Ambani is building the world's first house with construction costs that could break the billion dollar threshold.
Mukesh Ambani serves as chairman of the India-based conglomerate Reliance Industries and is constructing a towering edifice that will be called Residence Antilla, after the mythical island. A maverick that split from his brother a few years ago over the family business, Mukesh Ambani has seen his wealth soar as the petrochemical company, Reliance Petroleum has seen profits skyrocket the last five years. With that growth as well as strategic investments in a number of other industries and developments, Ambani has become the obsession of many young men's dreams and arguably one of the most disliked people in all India.
When Mukesh Ambani joined his father's company, he recreated it, shifting its focus from textiles to petrochemicals and polyester fibers. He also oversaw the construction of sixty technologically-advanced manufacturing facilities that enabled Reliance to raise its capacity from one million tons annually to over twelve million. He also spearheaded the building of the world's largest, non-corporate governed refinery in Jamnagar, India. It produces over 660,000 barrels a day. Coupled with the other power generation and port infrastructure investments, Mukesh Ambani spent upwards of twenty-four billion dollars.
Such savvy have helped Ambani develop the conglomerate that is Reliance Industries. His most ambitious undertaking may be Reliance Infocomm. A network of information and communications technologies, Reliance Infocomm looks to connect over 1,100 cities across India with a broad array of voice, data, and other services along a fiber-optic network at the lowest cost in the world.
Part of his charm and problem is ventures like the new billion dollar home he is constructing in the financial heart of Mumbai. A nation with significant problems, Mukesh Ambani is moving forward in constructing a grand tower that will serve as his permanent residence but be the ire of peoples contentment just as long. According to architectural plans, the billion dollar house will measure in excess of 570 feet tall. It will have twenty-seven floors. Of that, six will be used to park the one hundred and sixty-eight cars he owns. Another four will be used for living quarters for the Ambani family of six. There will be one floor for vehicle maintenance. One floor set aside as a theatre floor with some expensive garden features. And one floor completely dedicated to gym equipment. The roof will have three helipads, one for him, one for his wife, and one for the kids. It is believed that a staff of 600 will be used to maintain and keep the house and its dwellers.
With hanging gardens and high ceilings, the billion dollar home on Altramount Road will be eco-friendly as well. The frame of the building will be serviced by a spine, similar to a human one that will be supported by structural pillars. Included in the construction are waterfalls and a huge garden that will cover an entire floor. The outside of the home may be even more impressive than the inside with what is being called, a living wall, running the length of the home. Plant life will scale the entire height of the building, setting a world record for the tallest continuous living thing.
That six hundred staff will be citizens in one of if not the poorest countries in the world. While the Indian economy is doing extremely well, there has been very little trickle-down to the working class citizens of the country. In fact, the amount of money that Mukesh Ambani will spend on the home is equivalent to the annual income of over 1.5 million Indian workers. Mumbai is home to over seven million slum dwellers. And an additional three to four million live in substandard housing. Mumbai is a study in contrasts. With square footage costs exceeding $1,800 in the district where Ambani is building, housing in Mumbai is hard to come by.
With the economy in India, the practices of the newly minted wealthy have ruffled the feathers of the established, old money. A generation ago, wealthy families had little desire for material possessions. Many of them avoided owning cars and lived in small apartments. They did not drive Mercedes or BMW. They did not want to have any association with appearing eccentric or indulgent. That practice has gone out the window with men like Mukesh Ambani building extravagant, opulent buildings to suit their fancy. With tracts of land unavailable, wealthy families have decided to build up. Skyscraper construction has risen in Mumbai as evidence that land is at a premium.
Recently Mukesh Ambani had construction of the billion dollar home put in jeopardy as a government agency attempted to rule the land deal that paved the way for the house illegal. The tracts were owned by an orphanage who received what was considered fair market value for the property. In fact Ambani's offer was the highest received by the orphanage. With work only a year away from completion it is difficult to believe that the government will be able to do anything more than fine Ambani if it is found that he did something illegal. But with his bid being the highest and the orphanage believing it got the best deal available Ambani hardly has a worry. Therefore he can look forward to his birthday celebration in October when a portion of the house will be made available.
Mukesh Ambani must have found his current home, the 14 story Sea Wind unsatisfactory to hold the gala. It does not have the ballroom the billion dollar home has. But it also does not have the headache.