Once owned by Nirav Modi, Sonam Kapoor snaps up Mumbai’s famed Rhythm House for ₹47.8 crore

Bhaane Group, owned by Sonam Kapoor and her husband Anand Ahuja, has acquired Mumbai’s iconic Rhythm House music store for 478.4 million rupees ($5.7 million). The store, once owned by fugitive jeweler Nirav Modi, was shuttered in 2018 after Modi's company, Firestar Diamond International, defaulted on bank loans. The sale was confirmed by Shantanu T Ray, the official liquidator appointed by the Indian bankruptcy court, according to a Bloomberg report.

“The stakeholder committee has approved the sale of Rhythm House for 478.4 million rupees,” 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.

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 aspects. A spokesperson said the company completed due diligence and plans to expand its retail presence in the city. Bhaane’s retail unit already operates Nike and Converse stores in India.

The sale marks the end of an era for generations of music lovers who frequented the store for vinyl, cassettes, and CDs. After Nirav Modi bought the property in 2017 from the Curmally family, the store’s original owners, its 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. Interest in Rhythm House was high, with public figures like Anand Mahindra expressing interest in restoring the store as a performance venue through crowd-sourced funding.