World`s 10th costliest street to house Mukesh Ambani

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 NRI steel tycoon Lakshmi Mittal owns three houses.

Altamount Road in India's financial capital Mumbai, with a price tag of $25,000 per sq mt, has been named as the 10th costliest in a survey of the world's 10 most expensive streets, while London’s Kensington Palace Gardens has been ranked at the fourth place with a price tag of $77,000 per sq mt.

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, which has also been home to late Princess Diana.

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 sq mt. It is followed by Hong Kong's Severn Road with a price of $121,000 per sq mt, and New York City's Fifth Avenue at third place ($80,000 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... Mukesh Ambani unveiled plans last year to build a residential apartment block on the street at a cost of around $1 billion”.

About London's Kensington Palace Gardens, it said the rich of the city “might be feeling the cold breeze of the credit crunch and faltering property prices, but the super rich in the capital are still paying out-of-this world prices for the most expensive houses in town”.