To everyone’s surprise, price tagged at $ 2 Billion, Antilla (named after the mythical island) is in India and is world’s first billion dollar home. Indeed, like its name, it houses stuff that surrounds myth!
Owner is India’s richest, Mukesh Ambani of Reliance fame whose net worth was 43 Billion in March of this year and was the 5th richest in the world.
The only remotely comparable high-rise property currently on the market is the 70 million dollar triplex penthouse at the Pierre Hotel in New York, designed to resemble a French chateau, and climbing 525 feet in the air.
When the Ambani residence is finished in January, completing four years of design and construction, it will be 27 story and 550 feet high (height which normally houses 60 floors) with 400,000 square feet of interior space. (Click on the picture to see a video).
However, all of this has not been without its share of controversies. Antilla is being built on land sold to Ambanis’ to be used as orphanage by Waqf Board.The land measuring 11793 sq yards was sold in 2004 by the trust for a charitable purpose of looking after the destitutes and orphan children belonging to the Khoja Mohammedan community. The land was given to the Maharashtra State Board of Waqf by Jivagi Raje Scindia in 1957. The MoU was signed with four companies namely Antillia Commercials, Saphire Realtors, Rockline Constructions and Baun Foundation trust.
The Waqf Board has told the Supreme Court that it sold the property thinking it was to be used for an orphanage and that commercial buildings are not allowed on Waqf land. Property having a market value of Rs 400 crore was sold only for Rs 21.05 cr to M/s Antillia Commercial, a company of Reliance group of Industries. Rs 16 crores were also paid to Waqf Board for No Objection Certificate.
The Supreme Court on Friday decided not to intervene in the construction of the building on Waqf board land in Mumbai and has directed the matter back to the Bombay high court.
Critics have also said that showing off such extravagant wealth in a country rife with poverty is insensitive and ethically questionable. This is excessive and ostentatious given that more than 65 percent of Mumbai’s 18 million residents live in tenements.