The growing list of billionaires in India is an enticing prospect for executive jet makers seeking to recover from a slump in demand caused by the financial crisis.

Prominent among exhibitors at the ongoing Aero India 2011 air show in Bangalore were manufacturers such as US-based Gulfstream and Brazil’s Embraer – both hoping to seduce corporate high-flyers with their luxury private planes.

The global private jet market had a hard landing in 2008-09, with jet prices plunging by up to 30 percent and actual flying time falling by an estimated 40 percent.

German carmaker Mercedes Benz reintroduced its hyper-luxury Maybach car in India on Tuesday, pitching it at the country’s growing number of super-rich.

The car, which can touch speeds of 275 kilometres (170 miles) an hour, will be priced at up to 51 million rupees ($1.1 million).

“There are customers out there who can afford the unparalleled luxury of this car,” said Mercedes Benz India chief executive Peter Honegg at the launch, saying the company was aiming its cars at those who can afford private jets.

Indian billionaire Mukesh Ambani has hosted a lavish housewarming party to show off his just-completed new skyscraper residence.

Some 80 of India’s rich and famous attended the party on Friday night at the 27-storey building, which dominates the Mumbai skyline.

Indian novelist Shobhaa De called the building – reported to be the world’s priciest private residence -”the Taj Mahal of the 21st century”.

The world’s most expensive and fastest production car has gone on sale in India, with luxury manufacturer Bugatti making its debut in the land of rickshaws.

The Bugatti Veyron 16.4 Grand Sport, which has a top speed of 407 kilometres (250 miles) an hour, went on display in a car dealership in the capital New Delhi on Thursday priced at 160 million rupees (3.6 million dollars).

“India is the hub of luxury, the country of the erstwhile Maharajas, who were the true patrons of bespoke luxury,” Bugatti executive Julius Kruta said in a statement, referring to India’s former hereditary rulers.

The heart of Mumbai city, once a cotton mill hub, is seeing a rapid change in its skyline as more than 30 skyscrapers are mushrooming out of slumland in the city’s most congested district.

The transformation reflects the breakneck pace of growth in Asia’s third largest economy, as India’s property and capital markets boom and developers build dream homes for a rapidly-growing list of Indian millionaires.

Most of these high-rises, all over 40-storeys, are under construction while some are ready for owners to move in.

Barack Obama and his travelling delegation have book at least 800 rooms for the president’s trip to Mumbai including the entire Taj Mahal hotel.

Barack Obama will make the hotel his home for two days—most likely November 5 and 6—during his brief visit to Mumbai.

At least 150 administration staff will accompany the President, the official said adding that they were also going to be accompanied by a special chef.