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Anand Mahindra makes a call to acquire iconic Rhythm House in Mumbai through crowdfunding

Think Change India
28th Feb 2018
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An iconic building that made its way to the hearts of every overseas music genre lover, the Rhythm House grabbed headlines in the last few days when it was declared to be shut down by Curmally family, the then owner of the building. While the city of Mumbai was saddened by this news, Anand Mahindra, Chairman of Mahindra Group, came forward to acquire the building after the Enforcement Directorate (ED) attached at least 21 properties linked to fugitive businessman Nirav Modi collectively worth Rs 523.72 crore.

 

Owing to the increase in the number of online customers and the decline of brick and mortar music stores, the Rhythm House saw its loyal customers shifting to online shopping. Located in one of the landmarks of the crescent-shaped art district in downtown Mumbai, the store is owned by Nirav's company Firestar Diamond International. After managing it for 70 years, Nirav had bought Rhythm House from the Curmally family in 2017 and planned to turn it into a jewellery showroom, said a report by The Hindu.

Source: The Hindu and PRNewswire

A recent update on the official website of Rhythm House reads,

Goodbye from Rhythm House
To all Patrons of Rhythm House, Mumbai – In India and abroad
In our previous announcement we had said that from 7th March we would be offering left-over stocks. But as it happens, owing to the generosity and cooperation of our principals and customers, we do not have any meaningful merchandise for display.
All product pages on this website have therefore been disabled.
We shall remain at your service if any assistance is required for at least the next three months. Our official contact information is listed below.

Nirav Modi, who is currently absconding after an alleged fraud of Rs 11,000 crore, bought Rhythm House for Rs 32 crore. Taking this news to Twitter, the Mahindra Group Chairman Anand Mahindra suggested that Mumbaikers must collectively 'pitch in'. His tweet was widely appreciated and has so far seen some positive responses. Milind Deora, former Union Minister said, "Good Idea Anand. Lets connect on this offline."

He also pointed that the project "should not be for only the rich," and to ensure participation of anyone interested, crowdsourcing would be a good idea, says a report by Money Control.

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