‘Mom sold all real estate’: Capital Mind's Deepak Shenoy on making more money in markets 'with far lesser hassle'

In a recent revelation, Deepak Shenoy, the founder and CEO of Bengaluru-based company Capital Mind, opened up about the challenging ordeal his family faced while attempting to evict a defaulting tenant from their property in the city. Shenoy shared his experience after reports emerged of an elderly Bengaluru man's four-year-long battle to remove defaulting tenants from his premises.

According to Shenoy's recent Twitter post, his family endured a prolonged legal battle to evict the tenant, who refused to pay rent after the first month. For a span of two years, Shenoy's mother had to visit the court every two months in an effort to forcibly remove the tenant from their property.

The process finally culminated in a court order after two years, but it still took an additional three months to evict the tenant from the property. The tenant eventually vacated on the last day before the intervention of law enforcement officers.

The situation left a lasting impact on Shenoy's family, prompting them to sell off all their real estate holdings except for one property. Shenoy emphasised that his family found more success and fewer hassles in equity investments compared to real estate transactions.

"Real estate is not something that works for us. More money has been made in markets with far lesser hassle, by us," tweeted Shenoy.

Responding to queries from followers, Shenoy revealed that his family never received the unpaid dues from the tenant, despite diligent efforts to track him down, even involving law enforcement assistance. Other individuals on Twitter also shared their own stories of challenging tenant-landlord disputes, echoing concerns about the legal system's inefficiency in handling such cases.

Shenoy highlighted that while the majority of people are honest and trustworthy, the sluggishness of the legal system becomes a hindrance in addressing issues with defaulting tenants. He emphasised the need for a faster and more efficient legal process to safeguard the interests of landlords.

The CEO's candid revelation struck a chord with several Twitter users who shared similar experiences of grappling with problematic tenants and enduring protracted legal battles to reclaim their properties. This has sparked conversations about the need for reform in the legal system to address such disputes promptly and effectively.

One user wrote, “They rely on some kind of compromise ‘deal’. And has become a source of income types now. Personally gone through those horrific times to vacate tenants.”

Another user sharing his experience said that in his Dad’s case, the duration in which things got sorted was 10 years.

As more individuals come forward to share their own struggles, the issue of tenant-landlord disputes in Bengaluru has gained increased attention, prompting discussions about potential solutions and improvements in the rental ecosystem.\

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