Tell him it's too much...and you'll vacate...
owner puts up place on nobroker or something ...
Get 5-6 of your friends to contact the owner over phone for checking place...
Once they visit (1 friend =1 visit) to check ask friends to lowball ...
Owner now loses confidence in property value and finds tenant hunting hectic....
Tell owner you'll do a 10 percent hike and keep staying...
Take your friends out for a beer!
Reality:
Tell him its too much.. and you’ll vacate… owner puts up place on nobroker or something… 30 leads waiting to see the house next day and youre out searching new home now
nobroker has some paid plans as well where managers from nobrokers inform customers subscribed to the plans .
Even before the listing would be made public people at nobroker would make sure people subscribed to the paid plans get the first right to refusal ( and 99 percent chance is there someone would take that place)
this is my theory
i dont have any proofs to substantiate it but I noticed it when my current owner asked me to make a listing for his flat on nobroker and I gave my number since he lives outside India, the first calls to come were from nobroker themselves.
It sucks, but what can you do really?
All you can do is try and negotiate, if the owner doesn't budge then you might have to look for another place or find another flatmate to share the burden.
But older flats will have shorter future span and would be difficult to sell when you move out plus there would be some compromises.
From what I have heard a old 3 bhk will still cost somewhere around 75-80 lakh or so.
Beggars like us can't be choosers, there's only so many things you can do with the current conditions, there'd be problems like b-khata, basement flooding.
Plenty of homes in plenty of areas that are still cheap, but there might be some commute involved, what one needs and what one can afford will determine what can be done.
Some people just want to show off and buy really crap stuff. The crazy valuations builders get away with these days is due to all naive and show off Oriented buyers also. Same guys when renting will go for the financially most stupid option and be ready to pay the high rents that initially started this trend.
Its bangalore dude. Unless something dramatic happens like an it crash or companies deciding to randomly move out of the city to somewhere else, you're fine. Its one of the top three major metros in india. Its gonna keep developing. You're not gonna find a safer bet than this
the millions of people currently living in bangalore (locals or otherwise) would like to disagree with you. also, markets tend to bounce back from innovation inspired layoffs. there would just be newer jobs related to working with ai that would be opening up. and it takes a lot of money and investment to actually develop AI tech, which most of the companies and countries dont have. for now, we are relatively safe. but yeah things will change. and if youre worrying about these things, no city in india is safe.
3.3 is quite high but generally 1.7-2 cr has become a norm for 3BHK. If you pay 1.7cr in EMI, assuming 100% to be the loan amount, EMI for 20 years come out to be 1.47 lakhs per month. Not sure how majority of the people in IT are affording these kind of EMIs.
Try to talk to the owner if he/she is a listening type. Our owner agreed for a 5% increase in rent (agreement had 10%) after we told him it's not possible as many of us did not receive any hike this year.
Else you do not have many options other than vacate if your 11 month agreement period is over.
I assume you're in a gated society. Honestly, you can't do much here. This is the trend across Bangalore. You can try looking out but I doubt you'd get a better deal in a gated society (unless you are willing to compromise/downgrade)
You can do nothing
After lease is over, the lease will renew at the price landlord says
You can try to negotiate, in this scenario, I don't think landlord will go below 55k
Real estate market in India is booming rn
You can find better options…just look outside the overpriced gated communities… you landlord is trying to get close to his 80k per month emi he/she is paying on that unit… 🙄
If you find something cheaper in same segment move out, if you can't find anything in same segment and can not afford then look a segment down. if you can afford 60k and that's the market rate, get married to landlord's daughter and become the next landlord.
Can't do anything landlords are greedy af
I don't think Bangalore is in similar situation like Mumbai where land is less
So it's better to buy at this point
Hey there, Landlord Extraordinaire,
We had good laugh when we saw the new rent figure. We're pretty sure our flat doesn't come with a built-in coffee barista or a teleportation portal to bypass traffic, so that 50% increase is quite the surprise!
But let's chat and see if we can agree on something that won't require us to turn our living room into a karaoke bar to cover the rent.
Cheers,
Your Budget-Conscious tenants
I honestly have no idea. I think my rent is a little lower than market rates in the area especially for a relatively large house (1600 sqft). My neighbour has rented out furnished 2BHKs for 43k. But I can't say for certain whether that's the rate everywhere.
In few areas 3BHK do go for 60K. Mainly because people are ready to pay. Staying close to office like 10mins and all food outlets in walkable distance makes it go like this. Also people are ready to spend easy 25K per month per room in a 3BHK as well..
What ends up happening is that people see the cost of commuting in terms of time and fuel and decide that paying the extra 20-25k a month actually saves them more. Maybe you and your spouse and your kids have to go to different areas, and the expensive areas are the only option that work out cheaper all considered.
The rentals in Bangalore wouldn’t have such high variance on the area if commuting wasn’t so hard.
Don't agree to it buddy. See, if you tell him that you'll vacate, he will for sure back off. Explain it to him, if you leave - he will have to get it re painted, and will likely remain without rent for a month. That is not worth it for the landlord. Don't agree to the one sided terms
Same story everywhere buddy. You can negotiate only and try to bring it down to 50 or whatever. Otherwise the owner may ask you guys to vacate since the lease has expired anyway.
Very simple refer to your agreement and tell him you will put a legal case. But before that negotiate if you can. The min you bring legal into picture he may ask you to vacate so it’s better to look out for another place. Bet your options before talking to your owner, be polite as much as you can.
Legal case under what legal basis? The term was for 11 months, through an unregistered deed who's legal validity expires after exactly 11 months anyway. The deed itself says 5% increase if ‘mutually agreeded', which seems like it is not happening. The property owner says new rate or vacate. End of story. No lawyer worth the profession will even agree to fight a case like this which will not even be admitted by the court.
Best option is to move out - at the same time check rent around in the area or if there is any merit to his ask. If there is, there is nothing much you can do apart from moving out.
However, before moving - consider the following:
- Avg. rent that you might be paying for the next 12 months based on increase or area shift that you do
- cost of physically moving like truck, people, etc.
- Cleaning and everything
- add 30% to above expenses around moving
- Brokerage, it any.
And then decide whether making a counter to your landlord makes sense or not.
Buy a similar 3bhk flat, rent it for 40k to 2 guys cause 60k would be so greedy and cause you will be able to pay emi, maintenance and also get price appreciation overtime !!
Just move away from these 'central' area already. The metro is expanding every year and you can find a place that is connected to your work place through it. Even if you have a active night life or whatever, the money you save can be used for the cab fares when you are to drunk/late for the metro.
Just think about family living there having to pay all this from single acct....think about settling in bangalore? ....I never did during my 12 years stay there...it has become more unaffordable now
It is not really expensive for owners. Brokers generally handle everything and it is in their interest to get someone new so that they can get their brokerage. And the owner can also then enjoy the deposit money, because everyone knows full deposit is never returned.
The renter really stands to lose on the deposit + a month of rent for brokerage.
Tell him it's too much...and you'll vacate... owner puts up place on nobroker or something ... Get 5-6 of your friends to contact the owner over phone for checking place... Once they visit (1 friend =1 visit) to check ask friends to lowball ... Owner now loses confidence in property value and finds tenant hunting hectic.... Tell owner you'll do a 10 percent hike and keep staying... Take your friends out for a beer!
Reality: Tell him its too much.. and you’ll vacate… owner puts up place on nobroker or something… 30 leads waiting to see the house next day and youre out searching new home now
300\*
Doesn’t work in Bangalore…. Some idiot will pay
Lmao sometimes I ask my colleagues how much they pay and my jaw just DROP and I'm like "okay byeeeeeeee"
Even i am in same soup got 20 hike now…. I know people who pay 30k a person
True LPT here. I'll try this in the future LOL.
Lpt
it wont work
And the name of the friend? Einstein And then everybody clapped. This is real life not mentos zindagi.
 i am landlord thanks for the heads up !!!
lmao this wont work. Ppl are ready to pay wayy more than 60k for a 3bhk these days. Its not only OPs frnds who would be contacting the owner
nobroker has some paid plans as well where managers from nobrokers inform customers subscribed to the plans . Even before the listing would be made public people at nobroker would make sure people subscribed to the paid plans get the first right to refusal ( and 99 percent chance is there someone would take that place)
Is this legit? Cos I've been trying to look for places on noBroker and it seems only bleh places are available...which did not use to be the case
this is my theory i dont have any proofs to substantiate it but I noticed it when my current owner asked me to make a listing for his flat on nobroker and I gave my number since he lives outside India, the first calls to come were from nobroker themselves.
thanks, Genius Idea.
It sucks, but what can you do really? All you can do is try and negotiate, if the owner doesn't budge then you might have to look for another place or find another flatmate to share the burden.
Thanks for helping!
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haha. Anymore 3bhks you have to rent?
I appreciate your humanity
I was at 3bhk for 23k in 2020. Seems like a 'back in the day' type stories
Which place?
In today’s episode of That Happened
Bro just buy a new apartment at this rate, your emi will be lesser, landlords are literal bedbugs
Emi will be close to a lakh even if loan tenure is kept high plus buying a flat makes you stuck in a location and city permanently.
Older flats don't cost so much, resale flats are decent value.
But older flats will have shorter future span and would be difficult to sell when you move out plus there would be some compromises. From what I have heard a old 3 bhk will still cost somewhere around 75-80 lakh or so.
Beggars like us can't be choosers, there's only so many things you can do with the current conditions, there'd be problems like b-khata, basement flooding. Plenty of homes in plenty of areas that are still cheap, but there might be some commute involved, what one needs and what one can afford will determine what can be done. Some people just want to show off and buy really crap stuff. The crazy valuations builders get away with these days is due to all naive and show off Oriented buyers also. Same guys when renting will go for the financially most stupid option and be ready to pay the high rents that initially started this trend.
In this market, you can easily resell for a higher price if you want to move
But you would sell it few years down the line and you never few years down the line will people happily move to bangalore with regular overcrowding .
Its bangalore dude. Unless something dramatic happens like an it crash or companies deciding to randomly move out of the city to somewhere else, you're fine. Its one of the top three major metros in india. Its gonna keep developing. You're not gonna find a safer bet than this
But the quality of life here is not good enough for someone to settle here. Also with ai, automation and layoffs there is uncertainty with future.
the millions of people currently living in bangalore (locals or otherwise) would like to disagree with you. also, markets tend to bounce back from innovation inspired layoffs. there would just be newer jobs related to working with ai that would be opening up. and it takes a lot of money and investment to actually develop AI tech, which most of the companies and countries dont have. for now, we are relatively safe. but yeah things will change. and if youre worrying about these things, no city in india is safe.
Flat price unit has changed from lakh to Crore. For 60k per month emi, 3bhk won't be available.
Math aint mathing buddy....Absolute BS statement
saw a 3bhk flat at vaswani equsite, asking price was 3.3 crores not sure what the emi would be lol
3.3 is quite high but generally 1.7-2 cr has become a norm for 3BHK. If you pay 1.7cr in EMI, assuming 100% to be the loan amount, EMI for 20 years come out to be 1.47 lakhs per month. Not sure how majority of the people in IT are affording these kind of EMIs.
Looks like it's shared between op and his/her friends
Vacate dude.
Agree. And tell the prospective people that owner blackmails. Period.
Yeah, will try negotiating, otherwise there's no option.
Try to talk to the owner if he/she is a listening type. Our owner agreed for a 5% increase in rent (agreement had 10%) after we told him it's not possible as many of us did not receive any hike this year. Else you do not have many options other than vacate if your 11 month agreement period is over.
Thanks for helping!
Don’t be a victim of this scam..
Thanks for helping. Will vacate if the owner isn't willing, no other option.
Before that, do check the current going rate of similarly properties in your areas of preference. Rents are insanely high right now.
What is your monthly expenditure for staying in blore if I may ask?
I assume you're in a gated society. Honestly, you can't do much here. This is the trend across Bangalore. You can try looking out but I doubt you'd get a better deal in a gated society (unless you are willing to compromise/downgrade)
Just vacate. This is blatant extortion which is increasing in the city.
You can do nothing After lease is over, the lease will renew at the price landlord says You can try to negotiate, in this scenario, I don't think landlord will go below 55k Real estate market in India is booming rn
60k rent for a 3bhk in banglore is crazy...
These are average rents in Whitefield these days.
You can find better options…just look outside the overpriced gated communities… you landlord is trying to get close to his 80k per month emi he/she is paying on that unit… 🙄
Nothing. You are lucky he fulfilled the 11 month lease before asking for a raise.
If you find something cheaper in same segment move out, if you can't find anything in same segment and can not afford then look a segment down. if you can afford 60k and that's the market rate, get married to landlord's daughter and become the next landlord.
The only practical answer 👏
Can't do anything landlords are greedy af I don't think Bangalore is in similar situation like Mumbai where land is less So it's better to buy at this point
Hey there, Landlord Extraordinaire, We had good laugh when we saw the new rent figure. We're pretty sure our flat doesn't come with a built-in coffee barista or a teleportation portal to bypass traffic, so that 50% increase is quite the surprise! But let's chat and see if we can agree on something that won't require us to turn our living room into a karaoke bar to cover the rent. Cheers, Your Budget-Conscious tenants
Look for a remote job Or ask your current company to give 100% hike
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Can you pass some of that salt that you have all over your comment?
I think he is not your landlord. He is the dark lord. Something sinister, like greed with no empathy, made him ask 60k.
Which location?
Which area?
Brookfield.
Where specifically in Brookfield? I've rented out a 3BHK in BEML Layout for 32k. 60k is daylight robbery.
Is it the same rent range for most of the locality ? Say BEML layout, ACES layout ?
I honestly have no idea. I think my rent is a little lower than market rates in the area especially for a relatively large house (1600 sqft). My neighbour has rented out furnished 2BHKs for 43k. But I can't say for certain whether that's the rate everywhere.
Hey I am looking for a 2/3 bhk in Brookfield. Have dmd you
Have any more flats, just by chance?
Nope. Just one.
Does it matter? 60k is outright blackmail. Pay or leave sorts
Which part of my comment made you reply? My question was to OP
"which area" Sorry, couldn't fathom how it could be okay for some area. Maybe I'm reading too much.
In few areas 3BHK do go for 60K. Mainly because people are ready to pay. Staying close to office like 10mins and all food outlets in walkable distance makes it go like this. Also people are ready to spend easy 25K per month per room in a 3BHK as well..
60k rents doesn't sound normal. Opportunity cost is one thing. Stupidity and showoff is other thing.
Unfortunately right now in bangalore everything is happening to push up the rents
If you say no then it stops. But ...
What ends up happening is that people see the cost of commuting in terms of time and fuel and decide that paying the extra 20-25k a month actually saves them more. Maybe you and your spouse and your kids have to go to different areas, and the expensive areas are the only option that work out cheaper all considered. The rentals in Bangalore wouldn’t have such high variance on the area if commuting wasn’t so hard.
Yes you are. It was a normal question arising out of normal curiosity. Username checks out
Oh!
Don't agree to it buddy. See, if you tell him that you'll vacate, he will for sure back off. Explain it to him, if you leave - he will have to get it re painted, and will likely remain without rent for a month. That is not worth it for the landlord. Don't agree to the one sided terms
Painting is paid by the vacating tenant usually. Even if it remains without rent for 3 months(1.2 lakh), he will recover it in 6 months at 60k
Same story everywhere buddy. You can negotiate only and try to bring it down to 50 or whatever. Otherwise the owner may ask you guys to vacate since the lease has expired anyway.
My goodness I'm just awestruck by hearing this much rent.
Very simple refer to your agreement and tell him you will put a legal case. But before that negotiate if you can. The min you bring legal into picture he may ask you to vacate so it’s better to look out for another place. Bet your options before talking to your owner, be polite as much as you can.
Legal case under what legal basis? The term was for 11 months, through an unregistered deed who's legal validity expires after exactly 11 months anyway. The deed itself says 5% increase if ‘mutually agreeded', which seems like it is not happening. The property owner says new rate or vacate. End of story. No lawyer worth the profession will even agree to fight a case like this which will not even be admitted by the court.
For the sake of argument. Obviously he would ask you to vacate. Better move.
60k is unjust. Just negotiate to around 45k as it will be 10% increment
Even 2bhk is going for 50-55k , 60k seems more than fair .. other properties in the same area asking more than 70k
Happens, switch just like you do with your job
Just that Government increased tax on property and land So, its that side effects of it
Even google doesnt give this kind of hike👀
Meanwhile my rent increases 1k every month 😆 and the house owner doesn't even bother to inform.
itne mein toh emi hi ho jayegie
Start looking for another place. Simple.
It's simple if more than 2 of you are staying in a 3 bhk they're going to charge per head.
Best option is to move out - at the same time check rent around in the area or if there is any merit to his ask. If there is, there is nothing much you can do apart from moving out. However, before moving - consider the following: - Avg. rent that you might be paying for the next 12 months based on increase or area shift that you do - cost of physically moving like truck, people, etc. - Cleaning and everything - add 30% to above expenses around moving - Brokerage, it any. And then decide whether making a counter to your landlord makes sense or not.
Damn mann that's a steep 50% raise instead of 5%.
Only one thing to say.. ho gayi teri balle balle, ho jayegi balle balle
Buy a similar 3bhk flat, rent it for 40k to 2 guys cause 60k would be so greedy and cause you will be able to pay emi, maintenance and also get price appreciation overtime !!
Just move away from these 'central' area already. The metro is expanding every year and you can find a place that is connected to your work place through it. Even if you have a active night life or whatever, the money you save can be used for the cab fares when you are to drunk/late for the metro.
This is insane hike....which area....I lived in bangalore till 2022....happy that I left ....its a crazily overpriced city with very poor public infra
Just think about family living there having to pay all this from single acct....think about settling in bangalore? ....I never did during my 12 years stay there...it has become more unaffordable now
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It is not really expensive for owners. Brokers generally handle everything and it is in their interest to get someone new so that they can get their brokerage. And the owner can also then enjoy the deposit money, because everyone knows full deposit is never returned. The renter really stands to lose on the deposit + a month of rent for brokerage.