Bengaluru landlord asks for ?5 lakh security deposit for flat with ?40k rent¡ªmore than a year's worth of rent
In Bengaluru's high-cost rental market, a woman named Harnidh Kaur shared her frustration on social media about being asked to pay a ?5 lakh security deposit for a ?40,000 per month apartment. Here's what happened.
In the newest chapter of 'Bengaluru Rent Woes,' a woman alleges she was requested to pay ?5 lakh as a security deposit for a ?40,000 per month apartment. Harnidh Kaur took to social media to convey her rental troubles, and her post drew attention on X (previously Twitter), with many commenting that rent costs in Bengaluru are "out of control".
Bengaluru landlord asks for Rs 5 lakh security
5 lakh deposit for a flat with 40k rent :)))))
¡ª Harnidh Kaur (@harnidhish) November 11, 2024
I¡¯m so tired :))))
¡°5 lakh deposit for a flat with 40k rent. I¡¯m so tired,¡± Kaur posted on X.
In many locations, including Delhi, the security deposit is usually one or two months' rent. In Bengaluru, which is known for its increasing real estate prices and space shortage, the amount can reach five or even ten months' rent.
However, social media users agreed that a security deposit of ?5 lakh is quite excessive for Bengaluru. Social media users pointed out that it exceeds a year's rent (?4.8 lakh).
How did people on the internet react?
As Kaur's post began to go viral online, she received a flood of unexpected inquiries. The founder of The Hiring Update, situated in Bengaluru, declined to rent the property since the asking price of ?5 lakh was too high.
Some questioned whether it would be more financially prudent to buy a home rather than rent at such exorbitant rates, while others chastised 'greedy' landlords for pricing tenants out of the market. Here's what people wrote in the comments.
~$10B is stuck in rent deposits across India.
¡ª Raj Kunkolienkar (@kunksed) November 11, 2024
Wait for a year, some¡¯s going to start a fintech around lending / securitising this ?
Learn Kannada brigade will now tell you that had you known Kannada, you would have got it reduced to 4.85L ?
¡ª Alan (@cbe_sam) November 11, 2024
I hope you will get back half of the deposit, landlord a NRI?
¡ª Veloster (@prawnstaff) November 11, 2024
Deposits are largely inflated so you can negotiate easily than rent.
¡ª TD (@v_forvindicator) November 11, 2024
Down Payment for new house ? Security Deposit
¡ª Prathamesh Shanbhag (@Prathamesh_117) November 12, 2024
Also read: Local vendor in Bengaluru challenges Blinkit, Zepto, BigBasket with unique ad
What do you think about this? Tell us in the comments.
To stay updated on the stories that are going viral follow Indiatimes Trending.
I'm a writer with a zest for life and a knack for turning everyday moments into captivating stories. Whether you're a haute couture enthusiast or a thrift shop aficionado, I've got style tips that'll make heads turn. But what truly sets my heart on fire is writing about queer issues. I'm here to amplify diverse voices and stories.
Read More
