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Star India Renews Mumbai Office Lease For 9 Years At Rs 5.91 Crore Per Month

Star India Pvt Ltd, the company that runs sports and entertainment channels, has renewed its lease agreement for the next 9 years at a monthly rental of Rs 5.91 crore. Star operates from Urmi Estate, located very close to Lower Parel station, Mumbai. Lower Parel has emerged as the new Central Business District. It may be recalled that Lower Parel was once synonymous with textile mills, and the area had several mills and chawls housing mill workers and their families. Now, these mills and the chawls have made way for swanky apartments and commercial complexes. According to documents provided by CRE Matrix, a real estate data analytics firm, the renewal was signed on October 3, 2022 between Star and Keshav & Co. It has paid a security deposit of Rs 93.48 crore. 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 SRM. And this includes a terrace on the 8th floor. Star will have access to 650 parking spaces of which 500 are for four wheelers and 150 for two wheelers. The rent escalation is 4.5% at the end of every 12 months. By arrangement with