India's richest and world's fourth richest man, industrialist Mukesh Ambani, has built what is claimed as the world's first billion-dollar home -- a 27-storeyed luxury residence in Mumbai.

The chairman of Reliance Industries, whom Forbes magazine forecast to be the world's richest person by 2014, is all set to move into his mansion, named Antilia, after a mythical island, by the end of this month, local media reported Thursday.

Constructed in Mumbai's downtown Altamount Road, the palatial building took seven years to complete. It has three helipads on the top floor, a swimming pool, a health club, a salon and a mini- theater.

The first six levels of the glass tower, which stands 570 feet (about 174 meters), has a garage where more than 160 cars can be parked and has nine elevators, the reports said.

On the top floors of the house, with a sweeping view of the city and out over the Arabian Sea, are quarters for the 53-year- old tycoon and his family.

Overall, there is reported to be 37,000 square meters of space, more than the Palace of Versailles in France. To keep things running smoothly, there is a staff of 600.