Tenants beware of Landlords who want HEAVY DEPOSIT & no monthly rent. They will NOT REFUND deposits
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- Опубліковано 24 вер 2023
- Some property owners offer to let tenants live in their flat WITHOUT RENT, on the condition that they are paid a "heavy deposit" of a few lakhs. However, if you calculate the interest amount that the property owner i.e. landlord would earn by way of interest on such a heavy deposit, you would realize that the deal does not make commercial sense.
In most cases, it can only mean that your landlord has no intention of returning your deposit amount in the end. The landlord may intend to consumer the deposit amount rather than putting it aside for refunding you.
Avoid HEAVY-DEPOSIT NO-RENT properties offered by dishonest landlords.
ISSUED IN PUBLIC INTEREST BY
Krishnaraj Rao
9821588114 and 8169471229
Email krish.kkphoto@gmail.com
Twitter @BravePedestrian
Mumbai
#Deposit #flat #rentalproperty #tenants #landlords #India #mumbai
#rental #property #tenant #landlord #consumereducation #legalliteracy
In Bengaluru out of 100%. 15%people go for no rent method only. Some cases landlords cheats like this.
Out of those who go for heavy deposit...how many you think...are taken for a ride..in Bangalore
An eye opener! I was always against the concept of heavy deposit
In Bangalore there is heavy deposit, heavy rent. Still landlords don't return deposit. Subsequently people end up buying homes in over inflated market just to escape this extortion of landlords.
Heavy deposit has some drawbacks
1. Deposit paid does not come back
2. Lanlord can declare bankruptcy and you can do nothing
3. Max court will tell you to stay in that flat for x no of years or inform the owner to sell that property and pay you
4. You cannot shift incase if your job gets you transferred
Thank you so much for highlighting this Rao Saab 🙏🙌
This PRACTICE of collecting "HEAVY" deposit is in practice! The author does not seem to know,
Like there is a regular Rental Agreement, there has to be an agreement for this Deposit only method. Then the Deposit Giver (Tenant) is protected. In addition, the Tenant can take a cheque for the deposit given and encash the same, if the Deposit is not returned.
The Author is right in pointing out the dangers which are unknown to the young (gullible) generation who are in a hurry and don't understand / enquire around.
Our country with its loose law enforcing system is ideal for exploitation. Jai Bharat
You are right, I genuinely did not know how widespread this practice is!
Sir , I have actually stayed in heavy deposit agreement for around 5 years in navi Mumbai and I completely agree with the financial aspects which doesnt makes scene to me either.However we where able to get out of it without getting burnt. What I have observed based on the landlord we dealt with is , the reason they go for heavy deposit is they are in need of immediate lump sum of cash and they don't want to mortgage their property and pay interest, another reason is they are stuck in this loop where they need to pay back money to the tene t moving out so they look for another one with little more or same amount of heavy deposit , another situation was the person had a medical emergency and he needed immediate cash and at the same time he needed to move out of current residence and he didn't want ot sell the house either.
We are out of this transaction now and staying in a rented apartment and In no way I suggest this to any one. Their is high chance of loosing the money , we where lucky to get of it without any damages.
@@kshitijss Wow! Happy for you! Thank you for sharing in so much detail!
What a sad story
But
In hyderabad, deposit is only 3 months of rent and running month rent pay month Strating days.
It's applicable only for high rental properties.
Tenent is safe but landlord are some times suffering for house/interior damaged issues.
Good information
0:11
I believe your assumption of 7% pa interest is not the full picture. A lot of landlords engage in money lending where they are charging 18 - 60% depending upon the humanity of that person.
Anyway I agree with your assessment that this is a bad deal. But we as tenants do not have enough power to negotiate a reasonable price either on rent or deposit.
In Bengaluru, most landlords charge 10 months deposit, my rent is 33000 and I had to negotiate a deposit of 250000.
10 months rent deposit sounds ok, because if they don't return the amount, you can just continue staying for 10 more months.
My cousin do this business in kandivali area.
He has put 30 lakhs in various rooms in heavy deposit and has around 7 chawl houses .
It's been close to a decade since he is doing this business
He gets close to 55k rent monthly.
Now what bank will give 55k interest on 30L deposit.
But again my cousin is a extortion type journalist running his own news paper and has holding power and will anyway get his money back if he wants.
I know subletting is illegal but who cares ,those are all chawl houses where no one goes litigation .
Hi Krishnaraj ,
I wanted to know what do we do if housing society does not allow bachelors to stay in my apartment. And the Watchmen harrasses them by not letting them enter and scaring them off. Please help as it's urgent
I am in kerala. I want see u sir. Realy u r a genious
I saw this deal for Mumbai flat on no broker website
इंडिया में अगर आपको कोई ऑफर और स्कीम के शब्द बताएं तो समझ जाओ कि धोखाधड़ी या घोटाला ही होगा... बहुत घोटाला घोटाला चल रहा है भारत में हर जगह... पोल खोल सबकी
Modi😅😅😅
Hello sir,
May i know what about chawl house?
If someone has photopass survey pavti of their room in mumbai ? And that person wanted to give his property on heavy deposit?
Soo does it make sense to take a deal and further we rented that property to other person and take a monthly rent
With proper paper work and documentation from lawyer
I hope you will suggest something good
Monthly rent makes sense, "heavy deposit" is dangerous.
You are sub leasing that heavy deposit property to another person which is not legal. Also verify the documents of that chawl else you know that room is already having DEBT or LOAN
Any comment on thane rustamjee arazonia mumbai nashik highway project
I am amazed how scamsters come up with new ways to cheat, and use greed to make gullible people fall for their trap 😂
Why there are no laws for this?
How is it a good deal for you if he's blocking that much money, cutting rent and earning interest on the amount?
Waht if? 😂 everything is whatif ...Blavkmagic Uffffff....but atleast this Leftist Naxal got some differet subject today 😉 this is veru normal in Bangalore but blackmagic is pretty common to Our beloved Naxal than leased rental 😂
Guy story is too sad.
When a person dont know about a topic still want to pit his "so called" expert comment, this is what happens 😂