Real Estate

Real Estate Transactions

Nirav Modi-owned music store Rhythm House in South Mumbai may be auctioned

Economic Times  

The building that housed Rhythm House, the now-shuttered iconic music store in south Mumbai's Kala Ghoda, is expected to go under the hammer. The Enforcement Directorate (ED), which had seized it along with other assets of Nirav Modi in the Punjab National Bank scam case, has released the property following a court order so that banks can sell it to recover their dues from the diamond merchant. Nirav Modi-controlled Firestar Diamond International had purchased the heritage property in 2017 from the Curmally family, which had run the music shop for over seven decades before closing it down due to falling sales, to reportedly open a jewellery showroom. In early 2018, Mahindra Group chairman Anand Mahindra had suggested crowd funding to acquire and revive the landmark music store if it is put on auction.