The Indian economy is soaring: yesterday it posted annual growth of
9.4%. Friends of the Ambanis told the Guardian that the billionaire's
new home was "comparable to those owned by friends such as Lakshmi
Mittal". The UK-based steel tycoon bought the most expensive house in
London last year, paying £60m for a place in Kensington Palace Gardens.
Urban planners say Mr Mukesh's home is part of a global rush for tall
buildings that has seen skyscrapers spring up in Dubai, Shanghai and Seoul.
In India, planning rules and a historic antipathy to unrestrained
materialism has meant that this race to touch the sky has largely
bypassed the cities, which are more notable for their shantytowns and
dilapidated housing. But experts say the next wave of skyscraper
proposals could come in India.
"Our wealthiest citizens used to hide their money," said Hafeez
Contractor, a Mumbai-based architect. "They would not drive their
Mercedes, they lived in small apartments. Even Mr Ambani's father lived
in a small block of flats. They were afraid of the taxman. But that
attitude has gone; Mukesh has made his money, and good for him if he
wants to flaunt it."
Mr Contractor said it is only a matter of time before Mumbai was
littered with high-rises: "We have to find homes for people, and in a
small area that means building skyscrapers."
While some idolise the riches and glamour of India's "Jazz Age", others
are uncomfortable with the "new vulgarity". Only last week India's prime
minister, Manmohan Singh, called on business leaders to "eschew
conspicuous consumption" and "be role models of moderation".
Praful Bidwai, a newspaper columnist, said the divide between rich and
poor was becoming obscene. "Mr Ambani is building an edifice to his own
ego," he said.
"It will not go down well with the public and there is a growing tide of
anger about such absurd spending."
cont'd....
http://www.guardian.co.uk/frontpage/story/0,,2093068,00.html