Search
+
    The Economic Times daily newspaper is available online now.

    Bengaluru techie's smart move saves him from flat rental scam

    Synopsis

    Navigating Bengaluru’s rental housing market can be challenging, with scams preying on desperate house hunters. Ramnath Shenoy, a senior professional at SpotDraft, shared his encounter with a rental scam that nearly tricked him. While searching for an apartment on 99acres, he spotted a deal that seemed too good to be true. A fraudster posing as a property owner demanded a token payment before showing the property, raising Shenoy’s suspicions due to inconsistent details and unusual UPI payment credentials.

    Bengaluru techie, Ramnath Shenoy
    Bengaluru techie, Ramnath Shenoy
    Navigating the rental housing market in Bengaluru can be a daunting experience, especially with scammers exploiting the desperation of house hunters. An incident shared by Ramnath Shenoy, Senior Director of Product at SpotDraft, sheds light on this issue and serves as a cautionary tale for those seeking accommodation in the city.

    Shenoy took to Twitter and narrated his encounter with a rental scam while searching for an apartment in Bengaluru. Having experienced the ups and downs of house hunting in the city for over nine years, he detailed how his sharp instincts helped him avoid falling victim to a fraudster posing as a property owner.

    The Suspicious Listing

    Shenoy began his apartment search on 99acres, a popular real estate platform, and filtered listings to show only properties directly listed by owners. Among the listings, a particularly attractive 3BHK apartment at Prestige Pinewood, Koramangala, caught his eye. Priced at just ₹30,000 per month with a two-month deposit, it seemed like a fantastic deal.


    Excited, Shenoy contacted the owner, who spoke fluent English and appeared professional. The owner explained that he had moved to Mangalore for work and was looking for a responsible tenant. When Shenoy expressed interest in visiting the property, the owner said he could only show it on the weekend, citing his current location in Mangalore. However, there was a catch — the owner requested a ₹5,000 token amount to confirm Shenoy’s seriousness as a prospective tenant.

    Spotting the Red Flags

    At first glance, nothing seemed out of place. Shenoy, being from Mangalore, casually asked for recommendations in the area. The owner's response, however, was filled with made-up names. This inconsistency raised Shenoy’s suspicion. Despite his doubts, Shenoy proceeded to ask for the UPI payment details, which further confirmed his unease.

    "The UPI ID was odd, which made my doubts stronger," Shenoy wrote. Within minutes of receiving the details, the owner began persistently following up, urging him to make the payment. This desperation solidified Shenoy’s belief that he was dealing with a scammer.

    Shenoy’s story is not an isolated incident. He highlighted that a friend had recently been scammed out of Rs 2,000 under the guise of “visiting charges” for a rental property. Online platforms often host such fraudulent listings, making it challenging for users to identify legitimate offers.

    Awareness Leads to Action

    Following his experience, Shenoy took to social media to warn others. "Do NOT transfer any token amount, rent, or deposit without physically seeing the property and meeting the owner or caretaker in person," he cautioned. He also emphasized the need for vigilance, stating, "If it sounds too good to be true, it usually is."

    Encouragingly, his efforts have prompted platforms like 99acres and Housing.com to introduce warnings against remote payments.

    A Lesson for All House Hunters

    Shenoy’s quick thinking and refusal to rush into a payment potentially saved him from losing money. His experience underscores the importance of verifying property details, meeting the owner in person, and being wary of advance payment requests.

    With rental scams becoming increasingly common, Shenoy’s advice is crucial: "Share this with everyone looking for rental accommodation in Bengaluru." A little caution can go a long way in ensuring a smooth and secure house-hunting process.
    ( Originally published on Nov 28, 2024 )

    (Catch all the Business News, Breaking News, Budget 2024 Events and Latest News Updates on The Economic Times.)

    Subscribe to The Economic Times Prime and read the ET ePaper online.

    ...more
    The Economic Times

    Stories you might be interested in