Top fashion stores vie for Rhythm House Music Store

Mumbai: Some of the top brands in fashion and fine dine have shown interest in Rhythm House Private Limited, the company that owns the iconic Rhythm House Music Store in Kala Ghoda in Mumbai.

Of late, the liquidator has published the auction notice of 99.97 per cent shareholding of Firestar Diamond International in Rhythm House, which owns the iconic Rhythm House Music Store in Kala Ghoda, Fort, Mumbai.

The Liquidator of Firestar Diamond International is conducting auction of the entire shareholding of 99.77 per cent FDIPL in Rhythm House Private Limited, which owns 99.77 per cent of Rhythm House Private Limited, who has put up the entire stakeholding for sale via e-auction.

The location has emerged as the high street of fashion and fine dines in Mumbai.

The company Rhythm House was acquired by Nirav Modi's Firestar Diamond International which has subsequently gone into liquidation due to the LOU scam committed by the Nirav Modi Group. The auction is scheduled for March 29. The reserve price is set at Rs 53.62 crore by the Liquidator. Last date for submission of eligibility Documents by interested bidders with all the Annexures is March 08.

Talking to Bizz Buzz, Santanu T Ray, the Liquidator of Firestar Diamond International Private Limited, says, “Many Corporates in the high end retailing space has been enquiring about the Rhythm House store for long term lease and hence any buyer can look forward to good rental yield.”

Apart from the Kala Ghoda property the company Rhythm House owns an office space of around 10800 sq ft, carpet area in Kohinoor City Commercial Complex Kurla West, he said.

Fine dine restaurants like Punjab Grill, Khyber and boutiques like that of designer Shina NC, Anita Dongre, Masaba and other top designers are located in the vicinity.

One of the country’s top Bollywood designers, Sabyasachi’s and Tarun Tahilyani’s are also nearby. Not to mention that Kala Ghoda area has turned into a very high end shopping, dining and culture hub. Some of the fine dine restaurants in the area include Chetana and Punjabi Grill. Besides, there is Copper Chimney too in the vicinity.

Sale of Assets and Properties owned by Firestar Diamond International Private Limited (in Liquidation) forming part of Liquidation Estate formed by the Liquidator, appointed by National Company Law Tribunal, Mumbai Bench vide order dated 26th February 2020.