Reaching for the sky: Mukesh Ambani's $1 billion home to tower over 500 ft

Though many have criticized Ambani for opulent display of his wealth in a city which also shelters the biggest slum in Asia, Ambani has found favour with leading Mumbai-based architect Hafeez Contractor.

"This is a right way to build a private house in a congested city. A man like him in any other city would have 10 to 15 acres of land to himself. In a congested city, he wants to go high up and enjoy the view; the whole city becomes his open space," Contractor said.

"Ambani's choice will make high-rises more acceptable," he said. "I've been advocating high-rises that are environmentally friendly, since you occupy less space on the ground that can be used for gardens."

"Our wealthiest citizens used to hide their money," Contractor continued. "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."

India's economic boom has sent the wealth of many people soaring, who now are indulging in buying luxurious cars and posh homes in their attempt to ape the lifestyle of the wealthy of the west.

Interestingly, the extravagant lifestyle and purchasing habits of the high net worth individuals (HNWIs) has been frowned upon by the leftist-backed central government with Prime Minister Dr. Manmohan Singh urging a life of austerity to the company CEOs recently.