Indian billionaire Ravi Ruia has just acquired a lavish mansion in London for a whopping £113 million ($145 million). This magnificent residence, named Hanover Lodge, is located close to Regent’s Park and stands as one of the most significant residential purchases in the city’s recent history.
Ravi Ruia, co-owner of investment firm Essar Group, bought the mansion via his family office. Earlier, Russian property investor Andrey Goncharenko owned it. In 2012, Goncharenko bought a house from Rajkumar Bagri, who was a member of the Conservative Party. The cost of the house was a staggering £120 million.
The Ruia family office’s spokesperson, William Rego, stated that they viewed the property as an appealing investment opportunity due to its reasonable price while it is presently undergoing construction.
The deal highlights how confidentiality persists in London’s upscale property sector, despite introducing a register for foreign buyers last year. Many of London’s most expensive homes are purchased without the need for significant borrowing, as buyers with high net worth tend to avoid debt due to high-interest rates.
Even with the ongoing Russia-Ukraine conflict, which led to the UK government seeking to improve London’s image as a safe haven for wealthy Russians, the property market remains relatively discreet. However, it’s vital to mention that Goncharenko doesn’t face any sanctions that rich Russians are subjected to.
Stricter regulations now require overseas companies to reveal beneficial owners or face prosecution, but their effectiveness remains mixed. At the end of last year, a high number of off-market sales were reported in London’s luxury real estate sector. These sales involved the city’s priciest properties and occurred discreetly, without complete public revelation.
The law firm Withers provided legal advice to the Ruia family office for this deal.