It used to be Texans who made news with unprecedentedly large outlays on conspicuous forms of high living. These days, it’s billionaires from India.

The DailyMail reports:

India’s richest man, Mukesh Ambani, is planning a palace in the heart of Mumbai with helipad, health club, hanging gardens and six floors of car parking.

His wife, mother and three children will live there with him, looked after by 600 live-in staff.

Construction has already started on what will eventually be a 175m tower and planners are aiming to complete it in September 2008.

Earlier this year, Forbes rated Mr Ambani as the richest resident Indian with a net worth of US$20.1 billion.

He came 14th in Forbes’ 2007 worldwide rankings.

Currently he is chairman of petroleum major Reliance Industries Ltd, India’s largest private sector company

The building, already worth £500 million, could start a rush on skyscrapers.

The Age reports:

The building, named Antilla after a mythical island, will have a total floor area greater than Versailles.

Hat tip to Dominique R. Poirier.