Ambani's 27-storey, 400,000-square-foot skyscraper home named Antiliais at the top of the Forbes list of the most expensive homes in the world. The home has been named after a mythical island in the Atlantic.
"The title of the most outrageously expensive property in the world still belongs to Mukesh Ambani's Antilia in Mumbai," Forbes said adding it is the world's most expensive home "far and away".
The construction costs of this home are reported between a range of $1 billion to $2 billion.
The house has six stories of underground parking, three helicopter pads and employs 600 staff to keep it running.
Forbes said this home can be compared to '7 World Trade Center', a 52-storey tower that stands near Ground Zero in Manhattan - with 1.7 million square feet of office space that was reportedly built for $2 billion.
The houses of NRI Laskhmi Mittal in London's Kensington Palace Gardens occupy the 5th and the 18th spot on the list of the 21 most expensive billionaire homes in the world.
The steel magnate owns three homes on the high-security street known as 'Billionaires Row', including a neo-Georgian mansion near the Israeli embassy. Forbes said the home was sold by hedge fund billionaire Noam Gottesman in 2008 for about $222 million.
Another house owned by Mittal was purchased for nearly $90 million in 2004. He had picked up the 55,000-square foot mansion from billionaire Bernie Ecclestone and has named it "Taj Mittal" after much renovation. The house has 12 bedrooms, a pool and marble sourced from the same quarry as the Taj Mahal, Forbes said.
"As 2014 continues, the list of outrageously-priced homes owned by billionaires is stacking up. Although the market cooled off a bit in in 2013, with no properties trading hands above the $100 million mark, 2014 has kicked off with a bang. London set a new record, and three homes have sold for more than $100 million so far this year in the US alone," Forbes said.
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