Mittal street world's fourth most expensive

Malayala Manorama Indian Newspaper of Malayalam Language from eight places in Kerela

Tuesday,5 August 2008 16:35 hrs IST
Mittal street world's fourth most expensive

London: 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 USD 190,000 per square metre. It is followed by Hong Kong's Severn Road with a price of USD 121,000 per square metre (sq mt) at second and New York City's Fifth Avenue at third place (USD 80,000 per sq mt).

Kensington Palace Gardens has made to the fourth place with a price tag of USD 77,000 per sq mt, while the same for the last-ranked Mumbai's Altamount Road is USD 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 USD 1 billion."