Sonam Kapoor and Anand Ahuja purchase Nirav Modi’s Rhythm House for ₹478.4 Million
Sonam Kapoor and Anand Ahuja have purchased the iconic Rhythm House music store in Mumbai for ₹478.4 million. Closed since 2018 due to Nirav Modi’s financial troubles, the store once hosted legendary artists. The acquisition marks a nostalgic moment for music lovers as digital streaming diminished its relevance.
The iconic music store Rhythm House, located in Mumbai, has been acquired by Sonam Kapoor and Anand Ahuja for ₹478.4 million. The 3,600-square-foot store had been closed since 2018 after its previous owner, Nirav Modi, defaulted on massive bank loans amounting to billions of dollars.
The sale of Rhythm House was supervised by the Indian bankruptcy court, and its value was confirmed to Bloomberg News in a phone interview.
Shantanu T Ray, the liquidator handling Firestar’s assets, stated, “The stakeholder committee has approved the sale of Rhythm House for ₹478.4 million.”
A spokesperson for Bhaane, Anand Ahuja’s clothing label, confirmed the acquisition of Rhythm House, though the deal’s value was not officially disclosed. “We have completed our due diligence and plan to expand our retail presence in the city. As private companies, we are unable to comment on any financial details regarding the bid,” the Bhaane representative said in an email statement.