Multi-faceted Reliance Industries, one of the three largest industrial groups in India, is leading the purchase of prime properties in India's commercial capital, Bombay.
Reliance's move is being followed by Indian groups and multinational corporations, creating a mood that the property market is set for a revival after more than two years of depression.
Taking advantage of the city's low prices, Reliance group companies have made massive residential and commercial property purchases, totalling more than 3.5 billion Indian rupees (about HK$753 million).
A Reliance spokesman denied the properties had been bought as an investment, saying they were meant to meet the increasing demands of the rapidly expanding group.
The most recent purchase is a block of 120 residential flats coming up in the eastern suburb of Kurla, which was cornered by Reliance Petroleum for 300 million rupees.
Priced at 4,000 rupees per square foot, the property is in two buildings under construction on the Swadeshi Mills Road. It is reportedly meant for housing middle-level executives of the organisation.
Other major purchasers of commercial property include the Ahmedabad-based Arvind Mills, who have bought the entire Pinnacle Chambers building on Andheri-Kurla Road, near the Sahar international airport, for 204 million rupees.