Rhythm House dad has been shuttered in 2018 after Nirav Modi, the owner of Firestar Diamond International Pvt ran the music store, defaulted on billions of dollars of bank loans. It was established in 1940.
Sonam Kapoor and her husband Anand Ahuja recently bought the iconic music store, Rhythm House, in Mumbai. According to Bloomberg, the couple’s Bhaane Group bought the 3,600-square-foot Rhythm House for Rs 478.4 million (approximately Rs 47.8 crore). The store had been shuttered in 2018 after Nirav Modi, the owner of Firestar Diamond International Pvt that ran the music store, defaulted on billions of dollars of bank loans.
A resolution professional appointed by the Indian bankruptcy court to oversee the sale confirmed to Bloomberg, “The stakeholder committee has approved the sale of Rhythm House for 478.4 million rupees.” A spokesperson for Bhaane also confirmed the purchase. However, the person refused to share the value of the deal.
Bhaane is an arm of Shahi Exports Pvt, owned by Anand’s father Harish Ahuja, and is one of the largest apparel makers in India. It supplies to several international brands including Uniqlo, Decathlon, and H&M. Rhythm House, established in 1940, had once hosted musicians like Pandit Ravi Shankar, Jethro Tull’s Ian Anderson, and a bevy of Bollywood stars.
A few weeks ago, Sonam Kapoor’s father-in-law Harish Ahuja bought a property in London’s Notting Hill district for Rs 231.47 crore. According to Bloomberg, Sonam and Anand plan to use a part of the property for their residence after its redevelopment. The property offers 20,000 square feet of space. Another section of the property will be converted into flats.
The couple also owns a luxurious bungalow in Delhi worth Rs 173 crore. Reportedly, the bungalow is spread across 3170 square yards with a 9000-square-foot built-up space. The family bought the property in 2015.
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