Harnidh Kaur took to social media to share her rental woes
Stories about real estate and rental prices in Indian cities often go viral on social media, sparking widespread debate. These reports often highlight the skyrocketing rental prices of apartments, especially in metropolitan cities like Mumbai, Delhi and Bengaluru, making it challenging for the middle class to find decent and affordable housing options. Recently, a house hunter in Bengaluru took to social media to express her frustration over an exorbitant deposit demand from a landlord. Shockingly, the landlord asked for a deposit of Rs 5 lakh for an apartment with a monthly rent of Rs 40,000, Harnidh Kaur alleged.
''5 lakh deposit for an apartment with 40,000 rent. I am so tired,” Ms Kaur posted on X.
See the message here:
5 lakh deposit for an apartment with 40,000 rent :)))))
I'm so tired :))))
— Harnidh Kaur (@harnidhish) November 11, 2024
While cities like Delhi usually require deposits equivalent to one or two months' rent, Bengaluru's expensive and space-scarce market often demands deposits equivalent to five to 10 months' rent. The report has sparked a heated debate over rising rents in Bengaluru and the need for capping deposits. Social media users unanimously agreed that a deposit of ₹5 lakh for a rental property in Bengaluru is outrageous and insane. Some also shared similar struggles.
One user wrote: 'That's insane and doesn't even make sense. That is as much as an entire year's rent.”
Another commented: 'That's a lot…he plans to use it as a down payment on his next home.' A third said: 'Worst thing is they never refund the deposit and put up an absurd bill for the renovation. of a solution.”
A fourth added: “Unafir trade practice under Revised Consumer Protection Act, 2019. write to CCPA.”
''I remember paying a deposit of Rs 2 lakh in 2019! Just a classic case of supply and demand in some areas of BLR. Crazy how things have escalated,” said a fifth user.
''That's the down payment for another apartment and the monthly rent will take care of EMI,'' wrote a sixth.
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