UNI

London, Aug 29: Hinduja brothers, the second Indian-origin billionaires, now own a property on the most prestigious of sites in London, which is a stone's throw from Buckingham Palace and with Downing Street round the corner.

In the line of Lakshmi Mittal, who had created a stir in the world's property market, when he bought 24-bedroom mansion in the exclusive Kensington Garden Palace, from Bernie Ecclestone, the Hindujas, paying 58 million pounds have acquired the Carlton House Terrace, the former head office of the Crown Estate in the Queen's 6 billion pound property portfolio.

Reports said with a budget between 40 million pounds and 50 million pounds, the 60 rooms in the office will be turned into accommodation for 38 members of the extended Hinduja family.

Once completed, in three years time, the ''Palace'' is likely to outstrip the value of Mittal's Kensington Garden Palace, said the Sunday Times.

The palace with 62,000 sq feet of living space, will have 12000 sq feet more area than the Mittals' home.

The cost itself will go beyond 100 million pounds as its renovation will cost almost 800 pounds per sq ft. So far the most expensive interiors have cost 400 pounds per sq ft but the Terrace comprises of offices, so more money will be needed for conversion into luxurious living areas.

The Palace will include 32 bedrooms, one living room, dining room and kitchen, as they plan to have all meals together. It will also have a ballroom, cinema, gym and a swimming pool and a spacious terrace for entertaining guests.

The Terrace has an impressive history. It was commissioned by King George-IV in the 1820s on the site of the Palace, where he had lived as Prince Regent. Its past residents include Earl Grey and William Gladstone, the noted Liberal Prime Minister and statesman.