by THO
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Apparel company Bhaane Group, a subsidiary of Shahi Exports, owned by Bollywood actor Sonam Kapoor Ahuja and her husband Anand Ahuja, has purchased Rhythm House, an iconic music store in South Mumbai’s Kala Ghoda area, for ₹47.8 crore from fugitive diamantaire Nirav Modi.
Here are five things you need to know about the purchase.
1. Owners of Rhythm House
Rhythm House is spread across an area of 3,600 sq ft. It closed almost seven years back after Nirav Modi, owner of the company Firestar Diamond International Pvt, that ran the music store, defaulted on billions of dollars in bank loans. A resolution professional appointed by National Company Law Tribunal (NCLT) oversaw the sale of the store.
Nirav Modi had acquired Rhythm House in 2017 through a company named Firestar Diamond from the previous owners, the Curmally family, for ₹32 crore. Modi had plans to convert the property into a luxury jewelry showroom. However, in 2018 Modi fled overseas following an alleged scam worth ₹28000 crore after which the Enforcement Directorate (ED), which is investigating the matter, had seized the property.
Following the attachment of assets in February 2020, the National Company Law Tribunal (NCLT) had ordered the liquidation of Rhythm House to recover the losses suffered by financial institutions, including the Punjab National Bank and other banks. A resolution professional was later appointed by NCLT to oversee the sale of Modi’s assets, including Rhythm House.
The store that has remained shut for more than seven years has now been acquired by Bhaane in a recent auction.
Also Read: Sonam Kapoor, husband Anand Ahuja buy Mumbai’s iconic Rhythm House for ₹47.8 crore
2. The Bollywood connect
Established in the 1940s, Rhythm House was a favourite haunt for Bollywood stars such as Shammi Kapoor, Nargis and musicians such as Kishore Kumar and AR Rahman before it shut shop almost seven years back.
3. Bhaane Group buys Rhythm House
Apparel firm Bhaane Group, owned by Sonam Kapoor and husband Anand Ahuja, is a global export house and has bought Rhythm House. A report published in the Hindustan Times said that the company spokesperson confirmed the transaction and said the premise will be used to expand their retail presence in Mumbai.
The youth-focused apparel brand mostly retails online. “We have completed our due diligence and plan to expand our retail presence in the city. As a private company, we are unable to comment on any financial information,” read a company statement.
The website of Bhaane Group states that Anand S Ahuja, Sonam Kapoor’s husband, is the founder of the company. The company was launched in 2012. Sonam Kapoor is an advisor in the firm.
4. About Kalaghoda
Kala Ghoda is a heritage neighbourhood in South Mumbai. It is surrounded by several heritage buildings, museums, art galleries including Vastu Sangrahalaya, the Jehangir Art Gallery, the National Gallery of Modern Art, and The Arts Trust – Institute of Contemporary Indian Art.
The locality is also famous for hosting the annual Kala Ghoda Arts festival. Flora Fountain, Oval Maidan and the Bombay Stock Exchange are also in close proximity. The area also has a few old buildings that house offices of lawyers, chartered accountants and banks.
Also Read: Here’s why Bollywood stars invest in commercial properties of Mumbai
5. Property rates in Kalaghoda
The property rates in Kalaghoda range from ₹35,000 to ₹60,000 per sq ft for commercial office spaces. The rates are on the lower side considering the locality does not have any Grade-A commercial office spaces and most of the buildings are old. Rentals for a 250 sq ft to 300 sq ft commercial space in the area can range from ₹50,000 to ₹75,000 per month, according to local brokers.
According to reports, a few weeks ago, Sonam Kapoor’s father-in-law Harish Ahuja had bought a property in London’s Notting Hill district for ₹231.47 crore.
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