4 ms·

the major issue not mentioned as to why these homes are vacant is the problem of eviction of tenants. The laws are so lax that folks often buy property with cl

the major issue not mentioned as to why these homes are vacant is the problem of eviction of tenants. The laws are so lax that folks often buy property with clean money, and just keep it locked up rather than realizing the rent potential. The growth in prices has so far ensure that even then, buying and locking up property is lucrative.

seunosewa 11y ago
This sounds like the real reason.
brickcap 11y ago
This is very true. I have known tenants who adversely possess the property and make owners fight for decades before they are evicted. Generally as long as the tenant is paying rent there are very few grounds on which he can get evicted. Most of laws favour the tenants(in one sense it is right) but it is not uncommon for them to take undue advantage. And people who rent without a contract of some sorts usually pay the price. Most of them though would rather prefer to keep it vacant than put it in any danger of dispute.
- kamaal 11y ago
  >>Generally as long as the tenant is paying rent there are very few grounds on which he can get evicted. Not exactly, Most people make the tenants sign a 12-18 months rental agreements these days, with a very heavy deposit amount in cities in Bangalore. Those agreements are pretty serious legal documents.
  - brickcap 11y ago
    >Those agreements are pretty serious legal documents. I agree :) what I am saying is, my observation has been that many people don't do agreements. If you have an agreement with an express expiry date (12-18 months as you say) it is all good. Most people don't. For many people the problem is lack of knowledge. For something as ordinary as renting they don't even consider the need for going to a lawyer/agent and getting a contract done. What you say about Banglore is opposite to my observation and it makes me happy that people there are smart enough to enter into a contract before renting their house. It is good both for the tenant as well as the landlord. Noida is also a pretty popular IT city and people renting out their homes make no contract. Even in my own city (gurgaon) letting without a contract is pretty common. Mostly there are no disputes. But when there are they are long and bitter.

seunosewa 11y ago

This sounds like the real reason.

brickcap 11y ago

This is very true. I have known tenants who adversely possess the property and make owners fight for decades before they are evicted. Generally as long as the tenant is paying rent there are very few grounds on which he can get evicted. Most of laws favour the tenants(in one sense it is right) but it is not uncommon for them to take undue advantage. And people who rent without a contract of some sorts usually pay the price. Most of them though would rather prefer to keep it vacant than put it in any danger of dispute.

kamaal 11y ago
>>Generally as long as the tenant is paying rent there are very few grounds on which he can get evicted. Not exactly, Most people make the tenants sign a 12-18 months rental agreements these days, with a very heavy deposit amount in cities in Bangalore. Those agreements are pretty serious legal documents.
- brickcap 11y ago
  >Those agreements are pretty serious legal documents. I agree :) what I am saying is, my observation has been that many people don't do agreements. If you have an agreement with an express expiry date (12-18 months as you say) it is all good. Most people don't. For many people the problem is lack of knowledge. For something as ordinary as renting they don't even consider the need for going to a lawyer/agent and getting a contract done. What you say about Banglore is opposite to my observation and it makes me happy that people there are smart enough to enter into a contract before renting their house. It is good both for the tenant as well as the landlord. Noida is also a pretty popular IT city and people renting out their homes make no contract. Even in my own city (gurgaon) letting without a contract is pretty common. Mostly there are no disputes. But when there are they are long and bitter.