According to the project rental model, it is illegal to charge a deposit that is more than three times the monthly rent. However, as with rental costs, the surety rate is determined by state laws. Check out the link below to see how much down payment you have to pay in your city. On the Indian Real Estate Forum (IREF) we receive many questions related to the deposit. Take the case of Amartya Tripathi, who says: “I was recently defrauded of half of my bail. The owner indicated reasons such as painting the house and repair work. Is it the responsibility of the outgoing tenant to pay for the repainting and repair of normal wear after two years of stay,” he asks. Depending on the amenities a luxury home offers a tenant, maintaining these functions and amenities can cost between Rs 8-50 and m2. For example, if the house is spread over 3,000 sqm, monthly maintenance will reach at least Rs 24,000. A smaller home with regular amenities can`t order as much. Therefore, according to this logic, security deposits cannot be standardized. However, the government can step in and establish a base. Alternatively, you can use our customizable, verified lawyer ready to use rental contracts to save time and money.
One study showed that most of the people who came to the garden town were very close to the workplace, a safe neighborhood, good public transportation, shops and shopping opportunities, proximity to the children`s school and, where possible, bottlenecks. The amount of these receivables also requires a higher rent and therefore a deposit. The average deposit in the city was estimated at 1.34,500 Rs, followed by other cities such as Chennai, Mumbai, Pune and Delhi NCR, in that order. When Anita (name changed) rented a 3 BHK house in Murugeshpalya with two other women, the owner refused a formal lease and claimed that he was renting the property as a PG property. As newcomers to Bengaluru who were in desperate need of protection, they made a verbal agreement with the landlord to pay the rent up to one-fifth of each month. They barely knew that the next two years would be an ordeal for them. Lawyer K.S. Rajesh Gowda, who practices at Karnataka High Court, said: “Most Bengali landlords refuse to pay three months` rent as a deposit because they are used to getting ten months` rent.