Mukesh Ambani, one of India's richest men and chairman of Reliance Industries, has made a big deal. Mukesh Ambani is the mystery buyer of Beach Side Villa in Dubai.
The value of this villa bought by Mukesh Ambani in Dubai is around $80 million (Rs 6,396,744,880). Mukesh Ambani is the biggest residential property buyer ever in this city.
According to a Bloomberg report, this property on Palm Jumeirah Beach has been bought for Mukesh Ambani's younger son Anant Ambani earlier this year.
This beachfront mansion is located in the northern part of the palm-sized artificial archipelago. It has 10 bedrooms, a private spa and indoor and outdoor pools.
The Palm Jumeirah Islands are home to luxury hotels, luxurious clubs, spas, restaurants and luxurious apartment towers with breathtaking views of the blue waters. Its construction started in 2001.
Anant Ambani is one of the three heirs of Ambani's wealth of $93.3 billion. Mukesh Ambani, 65, the world's 11th richest person, is slowly handing over the reins of his business to his children.
According to the report, the Ambani family is expanding its real estate abroad. All the three brothers and sisters are moving towards western countries for their second home.
Last year, Reliance spent $79 million to buy Stoke Park Limited in the UK. It houses a Georgian-era mansion, which was bought for eldest son Akash Ambani.
Akash has recently been appointed as the chairman of Reliance's telecom company Jio Infocomm Ltd. At the same time, Akash's sister Isha Ambani is looking for a house in New York.
Property deal in Dubai has been kept secret. Ambani will spend millions of dollars to customize it and ensure its safety.
Ambani's longtime aide Parimal Nathwani, director of corporate affairs at the group, will manage the villa. Mukesh Ambani will remain at his primary residence in the 27-storey skyscraper Antilia in Mumbai.
Dubai is emerging as a preferred market for the ultra-rich. The government there has attracted by offering long-term golden visas and easing restrictions for foreigners to buy homes.
Dubai's property market contributes about a third to its economy. Under the new rules, investors can get a 10-year visa if they buy a property worth at least 20 lakh dirhams.