House rents soaring in Bengaluru; tenants being told to 'take it or leave it'
House rents in Bengaluru are soaring, with tenants facing steep increases and being given a "take it or leave it" ultimatum. The rising rental prices, surpassing those of other metropolitan cities, have left tenants with limited alternatives and forced them to agree to the hikes
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FollowBengaluru: A Samsung techie in Bengaluru has shared his experience of his rent being hiked by Rs 15,000 over the course of just six months. Even though he agreed to the hike, as it was in close proximity to his company and he had to face lesser traffic, Arsh Goyal took to Twitter to share his experience.
He wrote that his landlord has increased his monthly rent by Rs 15,000 even though the agreed hike was 5 per cent per year. He also revealed that it was a ‘Take it’ or ‘leave the house’ deal.
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Further Goyal provided a reason, why he agreed to the deal. The Software developer at Samsung has been sharing his 3-BHK flat at Doddanekundi, Marathahalli with his two other colleagues. The rent is currently Rs 57,000. He was given the option to either pay the decided rent or leave the house.
They had no other option than to pay the rent, as looking for another flat in such close proximity to his company will be very tiring and time-consuming. He said that he had to search for a month for the current flat, despite the help of a house broker.
While Goyal’s tweet became viral, several other users commented their similar experiences on his tweet.
One user wrote, “My rent has been increased by 16% instead of 5. A discussion on the hike happened on May 23, whereas the owner wrote it will be implemented from April 1st itself. Again it was a take-it-or-leave deal. I was forced to agree!”
Another user, Anuj Khandalikar quoted, “We had ~17% increase in rent by my owner, just two months before. He said that the decade was stagnant, and also proposed a 23% hike while negotiating at 17%. Later, he added “May be renewed”.
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Bengaluru has become the hottest residential with the rental prices setting the bar very high. It has even surpassed Mumbai and other metropolitan cities of the country. The landlords quote that the highest portion of the property’s value comes from the rent itself, let alone the property’s value.
The real estate market in Bengaluru has seen exponential growth over the past few years. The increment in the rental prices has made the tenants forcefully agree to the ordeals, as they have very limited alternatives in the city.
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