Sonam Kapoor Acquires Mumbai’s Iconic Rhythm House for ₹47.8 Crore
Bhaane Group, owned by Bollywood star Sonam Kapoor and her husband Anand Ahuja, has purchased the historic Rhythm House in Mumbai for ₹47.8 crore. The property, once owned by fugitive jeweler Nirav Modi, is a 3,600-square-foot cultural landmark in the Kal
Rhythm HouseSonam KapoorMumbaiReal EstateAnand AhujaReal Estate MumbaiOct 23, 2024
“The stakeholder committee has approved the sale of Rhythm House for ₹47.8 crore,” Ray said in a statement.
Rhythm House, a 3,600-square-foot landmark in Mumbai’s Kala Ghoda district, was a cultural hub that hosted legendary musicians and Bollywood stars before its closure. Its decline began in the late 1990s due to music piracy and the rise of digital streaming services. Despite its rich history, the store faced a gradual decline in customer visits, eventually leading to its closure.
Bhaane, a fashion label under Shahi Exports Pvt., owned by Anand Ahuja’s father Harish Ahuja, confirmed the purchase but declined to discuss the financial details. A spokesperson for the company said that they completed due diligence and have plans to expand their retail presence in the city. Bhaane’s retail unit already operates stores for brands like Nike and Converse in India.
The acquisition marks the end of an era for generations of music lovers who frequented Rhythm House for vinyl, cassettes, and CDs. After Nirav Modi bought the property in 2017 from the Curmally family, the original owners, the store’s doors closed as demand for physical music formats plummeted.
Following Modi’s financial scandal, Firestar Diamond’s assets were seized by the Enforcement Directorate and put up for auction. There was significant interest in Rhythm House, with public figures like Anand Mahindra expressing interest in restoring the store as a performance venue through crowd-sourced funding.
The purchase by Bhaane Group represents a significant move in the Mumbai real estate market, especially in a district known for its cultural significance. The future plans for Rhythm House are yet to be disclosed, but the acquisition signals a potential revival of one of Mumbai’s most cherished landmarks.
Frequently Asked Questions
Who bought Rhythm House in Mumbai?
Rhythm House in Mumbai was purchased by Bhaane Group, owned by Bollywood star Sonam Kapoor and her husband Anand Ahuja.
How much did Sonam Kapoor pay for Rhythm House?
Sonam Kapoor and her husband Anand Ahuja paid ₹47.8 crore (approximately $5.7 million) for Rhythm House.
Why did Rhythm House close down in 2018?
Rhythm House closed down in 2018 after Nirav Modi's company, Firestar Diamond International, defaulted on bank loans.
What is the significance of the Kala Ghoda district in Mumbai?
The Kala Ghoda district in Mumbai is known for its cultural significance and is home to numerous art galleries, museums, and historical landmarks, including the iconic Rhythm House.
What are Bhaane Group’s plans for Rhythm House?
Bhaane Group has completed due diligence and plans to expand their retail presence in the city, but the specific future plans for Rhythm House have not been disclosed.
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