Malabar Hill, a hillock in southern Mumbai, India is an extremely upmarket residential area, most known for the Walkeshwar Temple which houses the Banganga Tank. Situated at a height of 50 metres (approx. 165 feet), it is the highest point in South Mumbai.
The Banganga Tank, attached to the Walkeshwar Temple, is the oldest standing structure in Mumbai. Hindu mythology has it that Lord Rama, on his way to Sri Lanka to rescue his kidnapped wife, Sita, felt thirsty and stopped at the location of the Banganga Tank and shot an arrow into the ground. A water fountain erupted and Rama quenched his thirst. It is believed that the very same spring still fills the Banganga tank today. A Jain temple dedicated to Adinath, the first Jain Tirthankara, and the Parsi Tower of Silence are two other religious structures in this district. Malabar Hill is the location of the Hanging Gardens of Mumbai, Kamala Nehru Park, and Priyadarshini Park, which is adjacent to the Arabian Sea.
The Malabar Hill district is arguably the most exclusive residential area in Mumbai, and home to several business tycoons and film personalities. Raj Bhavan, the official residence of the Governor and the bungalow "Varsha", which is the official residence of the Chief Minister of Maharashtra are located here. Houses here are amongst the most expensive in the World. An unhindered view of Back Bay, with the Girgaum Chowpatti beach in the foreground, and the Nariman Point skyline in the background is one of the reasons for the sky-high real estate prices in this district (Rs. 60,000+, or US$ 1200+ per square foot).
In January 2012 Maheshwari House was (partly) sold to industrialist Sajjan Jindal of Jindal Steel for 400 crores or > Rs. 92,000 per square foot. This makes it the most expensive house ever sold in India and maybe in the world). The 400 crores were good for 2/3 of the house.The most expensive private residency lies just outside Malabar Hill namely The 27-storey, billion-dollar tower in Mumbai, called Antilia owned by India's richest and the world ninth richest person Mukesh Ambani, chairman of Reliance.