New Delhi: Amidst rental vs owning property debate, a tweet by woman in Bengaluru has left the internet divided. The woman, that goes by the name Harnidh Kaur posted on X (formerly twitter), regarding the high deposit charges and rentals for apartments in Bengaluru.
Kaur wrote, “5 lakh deposit for a flat with 40k rent. I’m so tired”, sharing that the high advance payments sought by landlords in the silicon valley of India does not leave much scope for those who seek houses on rental basis.
Internet was quick to respond to her post, though some supported her on her plight, others said that it could have been negotiated. Some even ended up defending the landlord, stating that those high prices were nothing as compared to the amenities that are being offered along with the house.
An average Bangalore home has more amenities, woodwork, lights and furniture than Rs. 500,000 deposit money. Why shouldn’t the landlord protect their property??
Wardrobes, hob, chimney, geysers, tv units, wall units, fans, furnitures, lights, gym, clubhouse, park n lot more_
— Candid_Shweta (@CandidShweta)
~$10B is stuck in rent deposits across India.
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 _ — Alan (@cbe_sam)
Buy and understand urself what it takes to own a house or stop crying over rules set by a owner of a private owned property — Sid (@siddusaik)
I hope you will get back half of the deposit, landlord a NRI? — Veloster (@prawnstaff)
Deposits are largely inflated so you can negotiate easily than rent. — TD (@v_forvindicator)
Worst part they never return deposit and give absurd bill of ronnovation in name of fix. — Kuldeep Lather (@Kullthegreat)
It’s madness, simply Exploitative! — Tabish Ghafoor (@TabishGhafoor)
No one asks so much deposit unless there’s an agreement between owner and tenant on compensating lower rent by higher deposit. — Zinc (@Rahul60394868)
Why? Why is this a thing?! That extortionate amount has got to be illegal. _ — thaari maia (@septicskepticz)
That’s insane and doesn’t even make sense. That’s like a whole year’s rent. — Mahima Jalan | Personal Brand Builder (@MahimaJalan2)
owner needs security in case u damage anything — Mohit Bansal (@Mohit12425)
Meanwhile, according to a Knight Frank report last week, Gen Z lean towards renting a place, contrary to Baby Boomers, Gen X and millennials who prefer to buy homes in India.
Baby boomers favour investments but millennials prefer to upgrade their property and the reasons for purchasing a home show distinct generational difference, the report said.
About 79 per cent of Baby Boomers, 80 per cent of Gen X and 82 per cent of Millennials favour homeownership, while among Gen Z, only 71 per cent prefer to own a home and a high 27 per cent leaning towards renting.
Millennials (39 per cent) and Gen Z (36 per cent) are leading the trend of upgrading and purchasing for end-use, while Baby Boomers display a stronger interest in investments (29 per cent) and retirement plans (15 per cent).
Overall, 37 per cent of respondents are upgrading to a better home, reflecting a growing shift towards mid-range and luxury housing which was traditionally concentrated in select cities but is now expanding to Tier 1 cities in India.
The remaining 32 per cent are first-time homebuyers for end-use, 25 per cent are investing and 7 per cent cite other reasons, such as retirement or acquiring a second home or vacation home, the report mentioned.
Location stands out as a priority and is the determining factor for 50 per cent of respondents, affirming its timeless importance in real estate.
With IANS Inputs
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