Sonam Kapoor, husband Anand Ahuja buy Mumbai’s iconic Rhythm House for ₹47.8 crore
The well-loved store that opened in 1940 not only stocked some of the best music but also served as a listening post for all that was going on in the industry
Mumbai: Actor Sonam Kapoor and her husband Anand Ahuja who owns the apparel company Bhaane have acquired Rhythm House for ₹47.80 crore from fugitive diamantaire Nirav Modi.
The well-loved store that opened in 1940 not only stocked some of the best music in Mumbai but also served as a listening post for all that was going on in the music industry. Unable to sustain the onslaught of digital platforms, the store shut shop in March 2016. The following year Nirav Modi’s Firestar Diamond purchased the property from the Curmally family who owned Rhythm House for ₹32 crore. The plan was to convert the music store into a luxury jewellery showroom. However, in early 2018 the Modi family fled overseas after an alleged scam worth ₹28,000 crore came to light. The Enforcement Directorate which is investigating the case seized the 3,600 square feet property that stands at the heart of Kala Ghoda precinct.
Following the attachment of assets, in February 2020, the National Company Law Tribunal (NCLT), ordered the liquidation of Rhythm House to recover the losses suffered by financial institutions including the Punjab National Bank along with other banks. A resolution professional was appointed by NCLT to oversee sale of Modi’s assets, including Rhythm House.
The store, that has been shuttered for over eight years was acquired by Bhaane—a subsidiary of Shahi Exports—in a recent auction. A company spokesperson confirmed the transaction and said the premise will be used to expand their retail presence in Mumbai.
The youth-focused apparel brand mostly retails online. “We have completed our due diligence and plan to expand our retail presence in the city. As a private company, we are unable to comment on any financial information,” read a company statement.