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 over three-times costlier London's Billionaires Row where steel tycoon Lakshmi Mittal owns three houses.
Altamount Road in India's financial capital 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 at the fourth place.
While the tree-lined street in south of Mumbai is a favourite of India's "very rich," Kensington Palace Gardens area in West London is popularly known as Billionaires Row. It has been home to Late Princess Diana and NRI-billionaire Mittal owns three houses on this street.
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 with a price tag of $190,000 per square metre.
It is followed by Hong Kong's Severn Road with a price of $121,000 per square metre (sq mt) at second and New York City's Fifth Avenue at third place ($80,000 per sq mt).
Kensington Palace Gardens has made to the fourth place with a price tag of $77,000 per sq mt, while the same for the last-ranked Mumbai's Altamount Road is $25,000 per sq mt.
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."
