Mukesh Ambani, in June, was crowned the richest man in Asia and the sixth richest in the world. The owner of Reliance Industries Ltd. has three heirs to look after the massive empire of $93.3 billion – Isha, Anant and Akash. Mukesh Ambani is slowly passing on the baton to his kids. It has been reported that the Ambani family is keen on going overseas, leaving its footprints in the real estate sector. The siblings have their eye on the west front of the world.
The business tycoon has numerous jewels on his crown. Reliance Industries Ltd. procured a $79 million Stroke Park Ltd., the UK, for Akash Ambani, the oldest son. Isha Ambani has her eyes set on New York for a second home.
Earlier this year, a noise in Dubai about a lavish deal was struck. The costliest beach-side villa in Palm Jumeirah Island, Dubai, was sold to an anonymous party for $80 million. The two-storey villa, spread over 3,000 sq. ft., provides a stunning view of the artificial archipelago looking like a palm tree. It has 10 bedrooms, indoor and outdoor swimming pools, and an individual spa. It was discovered that this mysterious buyer is none other than Reliance Industries Ltd. The keys of this shining new jewel have been handed over to Anant Ambani, the youngest Ambani.
This procurement of Dubai’s costliest house will be showcased under Reliance Industries’ offshore accounts. The place’s safety has been entrusted to Parimal Nathwani, Corporate Affairs Director of Reliance Industries and a Parliament member. Shahrukh Khan, the biggest celebrity in Bollywood, and David Beckham, along with his wife Victoria, will be some of Ambani’s new neighbours.
The Ambanis’ primary house will still be Antilia, a 27-level tower in Mumbai consisting of three helipads, 168 parking spaces, a majestic ballroom, a 50-seat movie theatre, and nine elevators. The Ambanis’ greatest belongings are the Mandarin Oriental Hotel, Stoke Parks UK, Hamleys, Mumbai Indians, and Noritake gold set.
The archipelago of islands that make up Palm Jumeirah is a humble abode to rich hotels, glitzy clubs, spas, eateries, and extravagant residential complexes with breathtaking views of the turquoise waters of the Persian Gulf. Also included are lavish homes. After construction began in 2001, 2007 welcomed the first residents to enjoy the luxuries.
see also – Mukesh Ambani’s House Antilia: A Sneak Peek into Richest Man’s Mansion
Dubai – India’s Real Estate Investment Hub
By granting long-term “golden visas” and loosening limits on foreigners buying houses, the government has actively courted the ultra-rich, and Dubai is now one of their favoured marketplaces. Investors who can purchase real estate worth at least 2 million dirhams are now eligible for a 10-year visa under new regulations. According to new rules, investors who procure at least 2 million dirhams worth of real estate are now qualified for a 10-year visa.
The United Arab Emirates houses more foreigners than natives making up 80% of the population. They have long supported the nation’s economy by working mostly in the private sector, investing their income in real estate, and shopping at some of the largest malls in the world. Indians in focus have frequently surfaced as Dubai’s top real estate purchasers.
Investors are cautious of the red tape and formalities involved in obtaining approvals to buy a property. Still, the real estate market in Dubai is straightforward, allowing the property to be purchased by merely paying the owner the price. Taking into account the attitudes of Indian purchasers, this ease of purchasing property is highly intriguing. Other benefits of the Arab nation include easy exit, no lock-in time, and single window approvals. This, together with the unparalleled splendour and way of life in the Emirates, is why wealthy Indians have chosen to make Dubai their second home.
