BENGALURU: Numerous property owners who entered agreements with an asset management company have reported delays in receiving their rental income. Some owners claim they haven’t received payments for five to eight months. The number of such cases appears to be growing, raising concerns about disputes over leasing agreements.
“I signed a lease with Jones Asset Management to rent out my 3 BHK flat last year. Initially, everything was fine, but later they began to delay rent payments by one or two months,” stated L Kumar, one of the property owners.
Another property owner, Sriram P, expressed concern after not receiving rent for over five months. He mentioned that the company had sublet his flat for over Rs 25 lakh. “I discussed the issue with the tenant, who agreed to vacate the flat after collecting the lease amount paid to the management company,” he added.
Suresh S, who entered into a two-year agreement with the asset management firm, mentioned, “I received Rs 55,000 per month for 11 months without issues. However, now the company owes me rent for the last eight months. I am considering filing a complaint with the Indiranagar police.”
Bangalore Mirror reported on April 20, 2024, regarding a case where a tenant posed as an owner to lease a flat, particularly targeting senior citizens. Another report on June 25, 2024, titled ‘Rent Scam: Victims at Lurch, Stage Protest Against Inaction,’ highlighted how police have reportedly declined to take action against a realtor accused of defrauding property owners, who are struggling to reclaim their money through various channels.
Dhananjaya Padmanabhachar, Convenor of the Karnataka Home Buyers Forum, advised property owners and tenants to remain cautious. “We recommend maintaining direct communication between tenants and owners to prevent being cheated by middlemen,” he stated. However, attempts to reach Jones Asset Management for comment were unsuccessful.
