Bengaluru CEO shares struggle to evict defaulting tenant: 'Mom sold all real estate'

Capital Mind CEO Deepak Shenoy said the family made more money in equity than they could out of real estate.

Deepak Shenoy, founder and CEO of Bengaluru-based Capital Mind, on Tuesday, shared that his family had to struggle with evicting defaulting a tenant from their property in the city. He added that his mother had to visit the court every two months for two years to get the tenant forcibly removed from their property.

Shenoy opened up about the experience after reports of an elderly man managing to get rid of defaulting tenants after a four-year fight. "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 tweeted. "He also filed a case saying henchmen used just like that. Had done this with other people too."

The Capital Mind boss said it took the family two years to get a court order, after which it took another three months to evict the tenant. "The fraud renter left on the last day before the cops were brought in," he said.

Deepak Shenoy added that after that incident, his mother sold off all their property except one. "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."

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

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— Deepak Shenoy (@deepakshenoy) July 25, 2023

When a follower asked Shenoy if they received the unpaid dues from the tenant eventually, he said, "No. Chased him for next year including taking cops to a new place he had rented, turned out another set of cops had come the day before and he vanished again. We did a lot of sleuthing to find him twice. One other woman who was cheated was also chasing him."

Assuring a few others that the family made more money in equity than they could out of real estate, Shenoy added that his experience wasn't the norm. "The problem is in the legal system," he wrote on Twitter. "Mostly people are good -- there will be difficult-to-identify bad eggs, but if the legal system is fast, no problem renting to them."

Responding to his tweet, several Twitter users shared similar 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 and this was her source of income. She had to legally evict them," commented MoneyTalkWithL (@LarissaFernand). Another Twitter user @AakashMathai wrote, "In my dad's case it was 10 years. We were posted in Air Force bases up North and he would take leave to come to Bangalore just for the judges to give endless adjournments. The tenant first filed a case saying he was threatened by 'military might'."

Read more: 'Houses are terrible investments, like most cars,' says this Bengaluru-based CEO