Pune rent scenario

My landlord rang me today asking for a rental increase to the tune of 20%.

I had a long term lease for three years and the guy came back well within 22 months i guess. I agree the agreement was done 2 years back when the rental market wasn't this hot, but then it defeats the purpose of doing long term contracts isn't it.

The situation looks pretty nasty at the moment. Some senior citizens in my society group keep instigating others by fwd news about how owners should not settle for less rent and all as the market is very hot.

any thoughts?