Reliance Industries Ltd has bought a property on Palm Jumeirah in Dubai for Mukesh Ambani’s younger son Anant Ambani. The transaction for the property deal worth 80 million dollars makes it Dubai’s most-expensive home ever.
Situated on the northern part of the palm-shaped artificial archipelago, the beach-side mansion has 10 bedrooms, a private spa, and indoor and outdoor pools. Though the deal is private, sources link it to Anant Ambai and Reliance.
The property will be held by one of Reliance’s offshore entities and will be customised for the Ambanis at the cost of millions of dollars to ensure its security. Indian MP and a longtime Ambani confidante Parimal Nathwani, director of corporate affairs at reliance group shall oversee and manage the villa.
One of three heirs to the world’s 11th richest person Mukesh Ambani’s $93.3 billion fortune, 27-year-old Anant is engaged to Radhika Merchant.
The Ambanis have been recently buying real estate overseas as second homes for three younger Ambanis. The $79 million Georgian-era mansion in London bought last year is believed to be for Akash Ambani, recently named chairman of telecom operator Reliance Jio Infocomm Ltd. His twin sister, Isha married to Anand Piramal, is looking for a home in New York.
The Ambani family’s primary residence remains the world’s costliest private residence Antilia, a 27-story home in Mumbai with three helipads, 168 car parking, a 50-seat movie theatre, a grand ballroom and nine elevators.
Dubai is a favourite market for the uber-rich. British footballer David Beckham with his wife Victoria and Superstar Shahrukh Khan possess residential properties in Dubai.
The Dubai government is actively offering long-term “golden visas” and relaxed norms on homeownership for foreigners. Constructed in 20001, Dubai’s Palm Jumeirah islands comprise posh hotels, clubs, spas, restaurants and splashy apartment towers with breathtaking views of the Persian Gulf. Dubai’s property market contributes around a third of its economy. Under new rules, investors can obtain a 10-year visa if they buy property worth at least 2 million dirhams.