 "'Mom sold all real estate': Bengaluru CEO shares plight of evicting defaulting tenants")
With people on the internet terming landlords’ extreme intervention before lending their houses to tenants as ‘peak-Bengaluru moments’, the reality behind the move is justified by a city-based CEO. In one of the harrowing moments, Deepak Shenoy, the founder and CEO of Bengaluru-headquartered financial services, Capital Mind, described a personal experience based on a shared news clipping on X, formerly known as Twitter. The post mentioned the risks associated with real estate. The user captioned the post: “This still happens. Very few people talk about this risk in #realestate.”
Check out the post:
https://twitter.com/ActusDei/status/1683673130148192258
The newspaper highlighted the “end of an ordeal” through a story from The Times of India’s Bengaluru edition about how an elderly man reclaimed his flat from defaulting tenants after a four-year gap. Based on the report, a bounced cheque worth Rs 1 lakh was deposited by the couple who rented the flat in 2019.
The post garnered over 8.7 lakh views.
Sharing the story, Shenoy wrote about a personal setback faced by their family. The CEO described how his mother had to rush to the courthouse for two years for the same. Describing the scenario, he wrote: “To evict a tenant who refused to pay rent after the first month.” Furthermore, it took the Shenoy family two years to get a court order, then three months to actually evict the fraud before the cops were brought in.
As a result of the traumatic experience, his mother decided to sell all real estate and currently lives in the only house she owns. He further added: “Real estate is not something that works for us. More money has been made in the market with far lesser hassle, by us.”
Impact Shorts
More ShortsCheck out the post:
The post has amassed over 7.6 lakh views.
Check out some of the responses below:
“What are the red flags in your experience if someone wants to rent out their place? Your observations can help people,” asked one user.
https://twitter.com/Pun_Tweets/status/1683748264527695873
To which Shenoy replied: “The problem is in the legal system. Mostly people are honest - there will be difficult-to-identify rotten eggs, but if the legal system is fast, no problem renting them.”
https://twitter.com/deepakshenoy/status/1683748986476433408
Another user, objecting to Shenoy’s perspective said: “Far more money has been made by the majority of Indians in real estate. Very few have made significant equity wealth. Real estate works for most.”
https://twitter.com/Finprofz/status/1683680124024274945
In response, the CEO said: “Too bad, we made far more in equity. Don’t care about the rest, please fight your case and be happy.”
https://twitter.com/deepakshenoy/status/1683680680838934528
The event came to light after several cases of tenants sharing details of gruelling interviews by landlords before renting their place have come forward.
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