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Bhaane Retail, a subsidiary of Shahi Exports, has acquired South Mumbai's iconic Rhythm House for INR 30 crore through an insolvency auction. Once a cultural landmark since the 1940s, the music store attracted Bollywood legends before closing in 2016. Previously owned by fugitive Nirav Modi, the property was seized by the Enforcement Directorate in connection with the Punjab National Bank scam. Spanning 16,000 square feet, the heritage building will now be revitalized by Bhaane, marking a key moment in preserving Mumbai's cultural legacy. The company aims to expand its retail presence, bringing new life to the iconic site.
Rhythm House, the iconic music store situated in South Mumbai's cultural hub of Kala Ghoda, has a new owner. Bhaane Retail, a subsidiary of Shahi Exports, which is India's largest apparel manufacturer, emerged as the highest bidder for the property during an insolvency auction, offering INR 30 crore. A cultural landmark since the 1940s, Rhythm House was a beloved spot for music enthusiasts and Bollywood legends such as Kishore Kumar, Shammi Kapoor, Dharmendra, Nargis, and A.R. Rahman before it closed its doors in 2016 after nearly 70 years of operation. The store was previously owned by fugitive diamond merchant Nirav Modi. Advertisement
Earlier this week, the National Company Law Tribunal (NCLT) mandated the liquidation of Rhythm House, which had been seized by the Enforcement Directorate (ED) in 2018 during an investigation linked to the Punjab National Bank scam involving Modi. Following a court ruling, the ED released the property to facilitate the sale by banks seeking to recover dues from Modi, who defaulted on a INR 6,500 crore loan using fraudulent letters of undertaking.
The ED has seized assets valued at approximately INR 2,600 crore from the fugitive businessman. Modi acquired the Rhythm House building in 2017 through his company Firestar Diamond for INR 32 crore, with plans to transform the heritage property into a luxury jewellery showroom. In light of the property's attachment, Anand Mahindra, chairman of Mahindra Group, proposed a crowdfunding initiative to acquire Rhythm House. A spokesperson from Bhaane Group confirmed the successful purchase of Rhythm House and an office space during the auction, noting that they have completed their due diligence and intend to expand their retail presence in the city, although they refrained from disclosing specific financial details regarding the bid.
According to property consultants, the location could command lease rentals of INR 900 to INR 1,000 per square foot monthly due to its prime status and cultural significance. The promoter family of Shahi Exports recently made headlines after acquiring an eight-storey residential property in London's Notting Hill for USD 27 million.
Spanning approximately 16,000 square feet, Rhythm House features a ground and mezzanine floor that includes retail space and storage areas. The music store attracted global celebrities, including members of the rock band The Police, Pandit Ravi Shankar, and Zakir Hussain. Renowned for its extensive collections of Hindustani and Carnatic music, as well as Western genres, it ultimately closed in 2016 due to challenges posed by technological advancements and piracy. Efforts to adapt by adding electronic accessories and video games were unsuccessful, leading to the decision to shut down.
In conclusion, the acquisition of Rhythm House marks a significant moment in preserving Mumbai's cultural heritage. With plans for revitalisation, Bhaane Retail aims to breathe new life into this storied landmark, ensuring that it continues to resonate with music enthusiasts and the community.
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