LONDON: After being hailed as the richest Indian in the world and the wealthiest in the UK, it has now emerged that India-born steel tycoon Lakshmi Mittal resides on Britain's most expensive street.

In a list of Britain's costliest streets, the top slot has been grabbed by Kensignton Palace Gardens, popularly known as Billionaire's Row, where Mittal family has purchased three houses and was once home to late Princess of Wales Diana.As per a ranking of Britain's 20 highest value streets, compiled by property website Zoopla, London's Kensington Palace Gardens is top-ranked with an average house price of about 41.4 million pounds, while Compton Avenue in Hamstead, North London, has come as the distant second with an average price of 7.5 million pounds.All the 20 costliest streets in Britain are in London.

Last month, Mittal reportedly purchased a 70-million- pound house for his daughter Vanisha in this street -- close after a world record 117-million-pound mansion bought for his son Aditya and the third for the family in the same area.About four years ago, Mittal had purchased his first house on the Billionaire's Row for 57 million pounds.The combined value of the three properties owned by Mittal family on this street is said to be valued at about 440 million pounds -- nearly 200 million pounds more than the amount paid for these properties over a period of four years.

The street has been home to a number of celebrities even before Mittals came here. Late Princess Diana once lived in this street in the Central London and its current residents include Chelsea Football Club owner Roman Abramovich.Kensington Palace Gardens is a private avenue lined with trees and dotted with foreign embassies. In May this year, Mittal purchased a lavish property near Israeli Embassy for a world record 117 million pounds from hedge fund tycoon Noam Gottesman.

This property is said to be inhabited by Aditya Mittal, Mittal's son and group CFO of ArcelorMittal, along with his wife Megha and two daughters. Mittal's latest acquisition on this street was formerly a Philippines Embassy and is being furnished for Vanisha, also a board member of ArcelorMittal.Mittal owes much of his over USD 50 billion fortune to his stake in ArcelorMittal, the world's biggest steelmaker valued at over 100 billion dollars.