Capital Mind CEO Shares Personal Ordeal; Warns About Risk In Real Estate
A lot of people believe real estate to be a good investment for a safe and secure future. But, Capital Mind CEO Deepak Shenoy does not seem to agree. According to him, one can create wealth with far less hassle. The founder of the Bengaluru-based company recently revealed his personal experience with tenants. He stated that his own mother had to struggle for two years to get a defaulting tenant evicted. According to Shenoy, the tenant did not pay anything after the first month’s rent. He was quoted saying that it took two years to get the court order and another three months for the tenant to actually vacate the house.
What Deepak Shenoy Wrote
Deepak Shenoy narrated his harrowing experience and stated that the renter finally left just before the cops were brought in. He added that after facing such a demotivating experience, his mother decided to sell all her real estate. She now owns just one house in which she lives. As per the CEO, real estate is not something that works for them.
Taking to his social media handle, Deepak Shenoy wrote, “Personally went through this…Mom went to the courthouse for two years once every two months to evict a tenant who refused to pay rent after the first month. He also filed a case saying henchmen used just like that. Had done this with other people too. It took two years to get a court order, after which it took another three months to actually evict…the fraud renter left on the last day before the cops were brought in. After that mom sold all real estate and now lives in the only house she owns. We’ve even had a piece of land taken over by goondas and then settled. Real estate is not something that works for us. More money has been made in markets with far lesser hassle, by us.”
The note was in response to a Times of India report on how a 60-year-old retired bank employee managed to evict a defaulting tenant after four years of court battle.
Personally went through this…Mom went to the court house for two years once every two months to evict a tenant who refused to pay rent after the first month. He also filed a case saying henchmen used just like that. Had done this with other people too.
It took two years to get… https://t.co/cDTHu1DsGq
— Deepak Shenoy (@deepakshenoy) July 25, 2023
How People Reacted
Several people narrated their own experiences.
I actually know tenants who said they are NOT getting out.
Cause they have lived there for many years. The audacity!!A family member’s tenant said “I can’t afford to pay the rent.” She was a widow & this was her source of income. She had to legally evict them.
— MoneyTalkWithL (@LarissaFernand) July 25, 2023
Others were of the opinion that real estate was not a viable investment option.
Except for our own use, we shouldn't buy real estate for investing purposes.
If we want to buy, we should be ready to act like a goonda, quarrel on the road etc.,
And if we don't construct a house on the plot and leave it empty… Consider it as gone.
— ಜನ ಸಾಮಾನ್ಯ (@kvs_87) July 25, 2023
One account claimed that every house in India has a story around real estate.
I think in India every family has a story around real estate and how they got conned / faced issues… have faced similar issues. And completely off real estate.
I wonder why real estate is such a complex issue in India.
Elsewhere, lease/buy/sell etc is simple and easy.
— GreenAndClean (@GreenlyYours) July 25, 2023
What The Report Said
Going by the reports, Venugopal Mottur Padmanabha gave his three-bedroom flat on rent to a couple back in June 2019. After paying three months’ rent, they offered to vacate the flat in March 2020. However, they lived there free of cost during the lockdown. The couple later refused to vacate the house, claiming that the owner and his wife have threatened them.