Indian Billionaire Ravi Ruia Buys Mansion in London Worth Rs 1,189 Crores – News18

Ravi Ruia, Indian billionaire, bought a $145 million London mansion which is linked to Russian property investor Andrey Goncharenko. A report by Bloomberg said that it is one of London’s biggest residential deals in recent years.

Ruia is the co-owner of the investment firm Essar Group.

His office bought the Hanover Lodge mansion overlooking Regent’s Park at 150 Park Road earlier this month through a Gibraltar-incorporated holding company which was responsible for the home, Bloomberg said citing people familiar with the matter.

Goncharenko, who was ex-deputy CEO of Gazprom Invest Yug, a subsidiary of the Russian state-run energy giant, owned the mansion as recently as two years ago. Goncharenko bought the property’s outstanding lease in 2012 from Conservative Party top politician and peer Rajkumar Bagri for £120 million.

The mansion is under construction and was available at a price making it an attractive investment for the family office, William Rego, a spokesperson for the Ruia family office told Bloomberg.

The report highlighted that London’s most expensive homes are typically bought by buyers who are not so reliant on debt, pointing out that high interest rates reduce the incentive of borrowing money.

At least 17% of individuals across the globe who have a net worth of $30 million or more bought at least one home last year, brokerage Knight Frank reported.

The report also said that the deal shows that there is an element of secrecy in London’s ultra-prime property market despite the UK government’s attempt to bring more transparency by using a register for overseas bodies which was launched in 2022.

The government following the war in Ukraine jolted into action to change London’s reputation as a haven for oligarchs close to Vladimir Putin. Goncharenko was not on the target of sanctions.

The report said that despite these measures the success has only been mixed as luxury homes change hands without full public disclosure. Broker Hamptons International said that a record share of London homes were sold off-market in the final three months of 2022, adding that it is a popular trend among London’s costliest properties.