A viral post reveals a Bengaluru landlord demanding a 23 lakh security deposit for a 4BHK house, sparking outrage online. Netizens compare this to significantly lower deposit norms in other global cities, highlighting unregulated rental market.
Property prices in Bengaluru have long been a hot issue, given to the city’s growing real estate sector. Rental rates have increased recently due to a robust IT sector, quick economic growth, and high demand. Are you curious about the cost of renting a four-bedroom flat in Silicon City, India? It is approximately Rs 2.30 lakh a month on average. The security deposit, however, is what's really startling.
Check Out Viral Post
A screenshot of a real estate advertisement for an independent home that demanded a security deposit of Rs 23 lakh, or ten months' rent, was recently shared by an X (formerly Twitter) user.
Related Articles
A 4BHK completely furnished home with 4,500 square feet and a monthly rent of Rs 2.3 lakh is the subject of the internet ad. The excessive deposit amount, however, attracted the most attention because many users claimed it demonstrated the "unregulated greed" of the city's landlords.
The user also looked at security deposit standards in other cities, such as New York, Toronto, Singapore, San Francisco, London, and Dubai, where deposits are usually between one and two months' rent, or 5% to 10% of annual rent, which is significantly less than Bengaluru's standard.
Netizens React To The Post
Netizens expressed frustration reacting to the X post. “Very greedy and they will try their level best to cut everything from the deposit when you leave and return pennies,” wrote a user.
“Why are price controls in some places but not others? The government is introducing them for movie tickets, a luxury. Why not add price controls for housing, a necessity?” another user asked.
Another user added, "No landlord wants their house to be unoccupied. Once people stop paying the security amount equivalent to 12 months of rent, they will bring down the security amount to 1 month."
Bengaluru is expanding quickly. Many individuals relocate there in search of employment, particularly in tech and IT. The demand for homes is very high. However, there are no appropriate regulations in place to regulate deposits and rent. Thus, landlords demand everything they want, often in exorbitant sums. Although they claim it's to safeguard their property, tenants find it excessive and unjust.
The average rent in Bengaluru, according to NoBroker, varies greatly depending on the area and kind of property, but it often falls between Rs 20,000 and Rs 35,000 for an individual and may reach Rs 65,000 for a couple.
