Star India Private Limited has renewed its lease in Mumbai for a period of 108 months for a monthly rental of Rs 5.91 Crore
By Varun Singh
Star India Private Limited, the company that brings you latest sports and entertainment has renewed its lease in Mumbai building.
The building in which they have their offices is named Urmi Estate and is located very close to Lower Parel station. Lower Parel recently has emerged as the new Central Business District, which has seen several offices springing up in the region.
Lower Parel once was synonymous with the mill culture of Mumbai, the area has several mills and chawls housing mill workers and their families. Now these mills and the chawls have made way for swanky apartments and office building.
According to documents provided by CRE Matrix, a real estate data analytics firm the renewal was signed on October 3, 2022. A security deposit of Rs 93.48 crore has been paid for the renewal. Star has renewed the rental deal with M/S Keshav & Co.
The details include, Office Premises 27th to 36th Floor, 37th Floor, Sports floor 6,7,23,24 and 26th floor in Urmi Estate Building Tower A.
Ground Floor Lobby, Meeting room & Studio area on the ground floor, Mail Room S. R. M. And terrace on 8th floor, in Urmi Iconic Building
Star will also have an access to 650 parking lots in the building, of which 500 are four wheeler and 150 are two wheeler parking.
The renewal details includes total chargeable area which is 4.46 lakh sq ft, The lease period is for 108 months, lock in period is 84 months for the licensee and entire lease period for licensor. The rent escalation is 4.5% at the end of every 12 months.
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