New tenant to pay ₹206 cr for 5 yrs for Mumbai store Zara shut over high rent

A new tenant has rented the nearly 60,000 sq ft of retail space in Mumbai's iconic Ismail Building after Zara shut its store due to high rent. Purple Style Labs leased space in the heritage building at ₹206 crore for five years, Hindustan Times reported. The annual rent for the first year is ₹36 crore, which keeps increasing every year.