‘9 families control Mumbai property’: Finfluencer says metros will bankrupt India’s middle class

India’s metro housing market is a rigged game, according to one of country’s top finfluencers, where few hold a staggering grip over real estate, and black money keeps prices inflated while everyday buyers bleed cash chasing a dream they can’t afford.

Akshat Shrivastava, founder of financial education platform Wisdom Hatch, lit up social media with a blunt warning: “Real estate in Indian metros is one of the most corrupt I have ever seen.”

In a post on X, Shrivastava claimed that just nine families control nearly 20% of Mumbai’s property, driving up prices with untaxed wealth. 

“Rich businessmen deal with black money… the only option is to buy real estate or physical gold,” he said. That demand, driven not by need but by tax evasion, keeps metro prices artificially high.

“These rich guys don’t need to rent,” Shrivastava wrote. “They’re cool with keeping properties vacant.” That means fewer homes on the market and sky-high rates for everyone else—especially middle-class buyers who still believe in the “own a home in the city” dream.

He called that belief a financial death trap. “Anyone telling you to buy a property in metros to get your 2-3% yield is a sales agent disguised as YouTuber,” he wrote.

His advice? Ditch the dream. If you must buy, check rental yields—if they’re below 4%, walk away. And don’t treat a house like an investment. “Treat your house as lifestyle,” he said. “You might not even end up living in a metro.”

The post struck a nerve online, amplifying long-standing frustrations over India’s real estate scene—one dominated by speculation, secrecy, and staggering inequality.