The deal bestows Tata Sons with land measuring about 5,647 square yards, with a palatial Scottish style bungalow with an outhouse. The property originally belonged to JRD Tata's brother-in-law and, until recently, it was held by a charitable trust, Bai Awabai F Petit Residuary Estate Trust. JRD and his wife, Thelma, lived here for over 50 years paying rent.

Besides the Tata deal, the Mumbai property market has seen numerous prime deals.

The Ajay Piramal-promoted Nicholas Piramal India Ltd has decided to conclude a deal involving the purchase of the Hoechst Marion Roussel tableting factory at Mulund for Rs 12 crore. The deal includes 16,824.15 sq mt of land at Mulund with buildings, plant machinery and a transfer of a few executives of the plant. This is Piramal's second acquisition from Hoechst group in less than a year. Last year, the group had bought out Hoechst Research and development centre adjacent to the same plot.

Housing development Finance Corporation Ltd (HDFC) has acquired land measuring 1,152.3 sq mt at Khar in the western suburbs for Rs 7.59 crore from a private party.

P&B Laboratories has purchased the piece or parcel of freehold or ground together with building and structures measuring 3,720 sq mt of land to Everest Gems for Rs 4.75 crore at Kandivilli.

Indian Research Manigestation Labs has acquired substantial portion of Oxford Chambers at Saki Vihar Road at Andheri from Solitaire Builders and Developers for Rs 3.43 crore. Fertilisers company, Indo Gulf Corporation has taken office space in Free Press House at Nariman point from Gem Nuts & Produce Exports for Rs 2.54 crore.

While some corporates made enviable investments in prime residential properties, banks and institutions think it is better to be bearish. Telecom major, Videsh Sanchar Nigam Ltd (VSNL) has spent about Rs 2.88 crore to acquire some prime residential property at Peddar Road.

Barclays Bank has clinched the best deal. The Bank has sold off its flat at the posh Sea Face Park apartments in Bhulabhai Desai Road for Rs 4.55 crore. Term lending institution, ICICI has disposed of its flat at Jupiter Apartments, Cuffe Parade for Rs 1.50 crore. Times Guranty has sold off its flat at Satnam Apartments also at Cuffe parade for Rs 1.02 crore.