Makrand Narwekar, younger brother of Maharashtra Assembly Speaker Rahul Narwekar, is among the wealthiest candidates for the Brihanmumbai Municipal Corporation (BMC) election with declared assets of ₹124.4 crore.
Seeking a third term from ward no 226 on a BJP ticket, Mr. Narwekar could be the wealthiest candidate in the BMC elections.
Among other ‘high net worth’ candidates, Samadhan Sarvankar, son of former Shiv Sena MLA Sada Sarvankar, has declared assets of ₹46.59 crore, while Shiv Sena (UBT) candidate and former mayor Shraddha Jadhav has declared assets of ₹46.34 crore.
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As per his affidavit filed with the Election Commission, Mr. Narwekar’s assets (which include the assets of his wife) grew 1,868% compared to nine years ago.
When contacted to understand the exponential rise in the assets and if the figures are correct, Mr. Narwekar replied, stating he will “reconfirm and revert shortly”. However, he didn’t get back.
He purchased 27 agricultural land parcels in rapidly developing Alibaug in the coastal Raigad district between October 2022 and November 2025.
Mr. Narwekar, 47, has stated his profession to be “advocate.” Of his ₹124.4 crore assets, ₹32.14 crore are movable, and ₹92.32 crore are immovable, as per the 27-page affidavit.
He also has liabilities of ₹16.68 crore in the form of loans, borrowings and unsecured loans from various individuals, banks and financial institutions.
While contesting the civic polls in 2017 on the BJP ticket, he had declared assets of ₹6.3 crore. In 2012, when he first contested the civic polls as an independent, his assets were worth ₹3.67 crore. His total income during FY 2025-26 so far is ₹2.77 crore.
Among his assets are bank deposits of ₹6,66,370, three vehicles, including two Toyota Fortuner Sigma cars valued at ₹40.75 lakh and ₹38.75 lakh, and a Maruti Grand Vitara worth ₹9 lakh. “He is also owed ₹30.11 crore by family members, other individuals, and agencies,” the affidavit said.
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He owns a flat worth ₹7.99 crore south Mumbai’s Colaba, and 29 farmland parcels — 27 owned by him and two by his wife, Rachana — located in Alibaug, a weekend getaway of Bollywood celebrities, cricketers and industrialists. These lands were purchased between October 2022 and November 2025, and the flat was purchased in October 2021, as per the affidavit.
The agricultural land parcels are located across Ziradpada, Kihim, Dhokawade, Saswane, Mhatroliwadi, and Mapgaon villages. “The current valuation of the farmland owned by Narwekar stands at around ₹89.91 crore, while the land owned by his wife is valued at ₹2.41 crore,” the affidavit stated.
Opposition parties have accused the Speaker and BJP MLA from Colaba, Rahul Narwekar, of interfering in the nomination process for BMC elections and tampering with CCTV footage linked to the exercise. He has dismissed the charges as “baseless” and politically motivated.
Tejal Pawar, the sole candidate contesting against Mr. Narwekar in ward 226, alleged that she and her husband, Deepak Pawar, were facing pressure to withdraw from the race. An independent, she is being supported by the Shiv Sena (UBT) and the Maharashtra Navnirman Sena.
Published – January 10, 2026 12:51 pm IST
