Stories about real estate and rent prices in Indian cities often go viral on social media, sparking widespread debate. These posts often highlight the skyrocketing rents 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 staggering Rs 5 lakh deposit for a flat with a monthly rent of Rs 40,000, Harnidh Kaur claimed.
''5 lakh deposit for a flat with 40k rent. I'm so tired,'' Ms Kaur posted on X.
See the post here:
While cities like Delhi usually require security deposits equal to one or two months' rent, Bengaluru's pricey and space-scarce market frequently demands deposits equivalent to five to 10 months' rent. The post has sparked a heated debate about Bengaluru's rising rental prices and the need for a cap on deposits. Social media users unanimously agreed that a ₹5 lakh security deposit 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's like a whole year's rent.''
Another commented, ''That's a lot.. is he planning to use it as a down payment for his next property.'' A third said, ''Worst part they never return the deposit and give an absurd bill of renovation in the name of a fix.''
A fourth added, ''Unafir trade practice under revised consumer protection act, 2019. write to CCPA.''
''I remember paying a 2 lakh deposit back in 2019! Just a classic case of demand & supply in some areas of BLR. Crazy how things have escalated,'' a fifth user stated.
''That's the down payment for another flat and monthly rent will take care of EMI," wrote a sixth.
