New Delhi, Feb. 25 -- Spanish fashion brand Zara closed its Mumbai flagship store, located in the over 100-year-old heritage Ismail building at Hutatma Chowk, South Mumbai. The five-storey store opened in May 2017.

According to a registration document provided by Propstack, the tenure for the lease was for 21 years. It was registered on April 1, 2016.

Luxury fashion brand Purple Style Labs has now leased 60,000 sq ft of retail space in the same iconic building for an annual rent of Rs.36 crore, securing a five-year lease, as per property registration documents obtained by Propstack.com.

According to property registration documents, the new tenant has taken the space on a five-year lease. The rent for five years works out to be Rs.206 c...