[kurmist]

Instead of denigrating these guys for spending the money that they have earned, why don't people look to them as inspirational figures. If even a few thousand people (from the billion plus population of India) try to emulate these guys and achieve even a hundredth of what they have achieved, think of the wealth creation that would happen.

Fact of the matter is, these guys, spending money the way they do also create immeasurable opportunities for other people....right from the labourer working on constructing the building to the architect. This is the way wealth should trickle down. This is what is known as a Free Market Economy....not a situation where the Govt. decides to allocate licenses everytime someone needs to go to the bathroom.

And I am not even considering the wealth these guys have created for their company employees / shareholders etc.

[pjbiju]

The sense of what is right and wrong is often dictated by the laws of the country and where they are not specifically laid out by the laws, one’s conscience dictates that. This gets extended to corporate governance as well. There are many corporate houses that indulge in bad/unethical business practices.

But the very existence of this is a result of our political system which in turn is run by seasoned thieves. They are the perfectionists – many of them own nothing on paper but then will only travel by imported SUVs, chartered jets and helicopters.

Compared to them, the likes of Mukesh and others have, notwithstanding our opinion of their business ethics, have helped thousands of families by way of employment and are real saints.

Unfortunately people like us are a minority in this nation, with very little power to do anything about our politicians.

Flaunting wealth exists in every strata of the society (with few exceptions everywhere) right from what we wear (clothes, watch, footwear, pen, mobile etc.) to what we eat to which schools we send our kids to (for those who have) and to what vehicle(s) we buy etc. Of course the absolute value of money spent in each stratum is different – so in the ranks of people like Mukesh, the amount (4000 crores) is nothing when you know that he is worth more than 1 lac crores. So the whole perception is relative.

If there was a forum for people like Mukesh, may be the topic would have been something like "Is 4000 crores too little to build a home?" and in our beloved political circles, the same would be "how to get the most out of the 4000 crores for yourself"

[esteem_lover]

Originally Posted by kurmist

Instead of denigrating these guys for spending the money that they have earned,

I think his father earned that money. The kids simply multiplied that.

[BaCkSeAtDrIVeR]

I was in Mumbai yesterday and read in a local paper (do not remember which) that the government has directed the Wakf board to take back this plot from Ambanis. It seems that the govt. was probing some deals by the wakf board and it was found in the probe that some underhand deals have taken place in this matter.
I believe that this is the same plot where this building is coming up. Looks like the ambanis had purchased this plot from the wakf board, and there were allegations against the chairman of the wakf board that he (the chairman of wakf board) was corrupt, and hence several of transactions entered into by him were put under the microscope. This is one such deal where the govt. has, (exercising its statutory power) directed the wakf board to take back this land. If the report is accurate here is my prediction of what is going to happen in that order:-
1. The building is completed ahead of time in typical Ambani style.
2. Ambani's approach the High Court (or any other court), which sets aside the order and directs the govt to consider the matter afresh and make a new order since ambanis were not heard while passing it.
3. The government / minister / concerned officials change (any one of these) during 1 and 2.
4. Fresh orders are in favour of Ambanis.

[v1p3r]

Originally Posted by pjbiju

...so in the ranks of people like Mukesh, the amount (4000 crores) is nothing when you know that he is worth more than 1 lac crores.

I'm highly sceptical of these figures. A home doesn't cost 1 billion dollars to build, unless it's made of pure gold. Maybe not even then.

And I really don't think Mukesh Ambani is worth 25 billion dollars.

[kurmist]

Originally Posted by esteem_lover

I think his father earned that money. The kids simply multiplied that.

Sure EL, I agree with you there, but even multiplying an already considerably large business also needs skill. There's no denying the fact that though both the Ambani bros were born with a silver spoon, they also do deserve a lot of credit for their own vision in growing the business (notwithstanding the split).

Point is they've earned it and are free to spend it as they see fit.

[pjbiju]

Originally Posted by v1p3r

I'm highly sceptical of these figures. A home doesn't cost 1 billion dollars to build, unless it's made of pure gold. Maybe not even then.

And I really don't think Mukesh Ambani is worth 25 billion dollars.

I was just quoting the figure (4000 crores) used elsewhere in the post. I think the news channels were quoting something like 376 crores for the plot. Even I think 4k crores is just too much for a home.

As we know, the worth of of Mukesh keeps changing (stock market) and there was some news about the value of his holdings to be 1 lac crores.
DNA - Money - Mukesh becomes trillionaire; Anil close behind - Daily News & Analysis

Rising property value and additional expenditure on interiors takes it to $ 2 Billion i.e. Rs.8094,99,96,948.20 (Yes nearly 8,100 Crore)

Source : Mukesh Ambani's $2 billion home world's most expensive: Forbes-Intl Business-Business-The Times of India

Exclusive Pictures :













Looks like the helipad has been replaced by a Entertainment Lounge ... afterall money cant get you all eh ?



Source : Inside The World's First Billion-Dollar Home - Forbes.com

[msdivy]

He is spending 1/20th of his worth on his primary home. Thats reasonable. Good thing is he is spending the money. Imagine the cascading effect of this. Many architects, civil & other engineers, contruction workers get work.

[vivekiny2k]

man, I can not live in a fancy place like that for more than a week. need my simple home sweet home after that.

[ajmat]

Can't see my daughter, sitting like a jellyfish watching TV on those white sofa's while eating her snacks

[heavy_foot]

I will second what Sam has to say..

Originally Posted by Sam Kapasi

I think it's wonderful that people who have worked hard are using that money to do what they want to do, what gives them happiness in this lifetime. The man is rich and hard-working, people. This is what he wants. Good luck to him.

A lot of people will make a nice living because of the construction, maintainence and what-not of this home. Better than making a hole in the ground and hiding all his wealth, don't you think?

[Samurai]

Originally Posted by pjbiju

Routing international calls as local/national calls and cheating BSNL of hundreds of crores - that is "theft" - a criminal offence.

And what would you call BSNL's act of charging 10 times more for international calls than it really costs them? VOIP can really bring down the cost of international or even STD calls, but they don't allow it. In USA one can opt for voip landlines at home or business. No such luck in India, government wants to recover their sunk cost from 80s and 90s. Technology allows, government doesn't.

Anybody who runs a private business knows that government loots them both legally (via unfair rules, surcharges and fees) and illegally (via bribes). So when somebody gets ahead despite the government, cheer them. The last speech in the movie Guru really brings it out.

[Mayavi]

The only thing I don't understand is that why did it cost $1bn, let alone $2bn?

The land on which it is built may cost $500 million, but it still doesn't explain $1bn price tag unless the walls are lined with gold and diamonds. Even the most expensive palaces do not cost that much... the most expensive home last sold was about $150 milI guess. Is the price inflated to evade tax?

This is reported to be worlds most expensive home

http://property.timesonline.co.uk/to...cle3559490.ece

A flat in central London has become the most expensive home in the world, with a price understood to exceed £115m.

It is a 7 storey building but remember that Ambanis home may be 24 storey tall but is only 12 storey and in that it uses first six floors for parking. So why is Ambanis home 10 times more expensive than the second expensive home?

[PatienceWins]

Its his money and will. But I really hope he is spending some of his wealth for the poor in this country. 40% of Indians live below poverty line and find it difficult to manage a meal.