BMC Elections 2026: BJP’s richest candidate Makrand Narwekar holds ₹124 crore assets, major land holdings in Alibaug

As the BMC Elections 2026 heat up, asset disclosures have placed Makrand Narwekar, a BJP candidate from South Mumbai, at the top of the wealth chart. Narwekar has declared assets worth over ₹124 crore, making him the richest contestant in the civic polls.

According to the affidavit submitted to election authorities, Narwekar is a lawyer by profession and a seasoned real estate investor with a strong focus on land acquisition in Alibaug, a fast-emerging second-home destination near Mumbai. 

Extensive land portfolio in Alibaug

The affidavit reveals that Narwekar owns 27 agricultural land parcels in Alibaug, acquired between June 2022 and November 2025. In addition, he owns a premium residential apartment of over 1,400 sq ft in Colaba, purchased in October 2021. Notably, the disclosure states that he does not own any non-agricultural land.

Narwekar is also the younger brother of Rahul Narwekar, adding to his public profile during the high-stakes civic elections. 

Family members also in the fray

Alongside him, his sister-in-law Harshita Narwekar is also contesting the BMC elections from South Mumbai. She has declared assets worth ₹63 crore, including agricultural land holdings in Goa and Alibaug. One of the Alibaug parcels was purchased jointly with Makrand Narwekar in October 2024. 

Why Alibaug is attracting investors

Alibaug has increasingly emerged as a preferred investment destination for Mumbai-based buyers. According to market estimates, apartment prices in the region range between ₹15,000 and ₹17,000 per sq ft, while agricultural land is valued at ₹3–5 crore per acre. Non-agricultural land prices reportedly go as high as ₹8–10 crore per acre.

The town’s growing appeal is driven by improved connectivity, including a road journey of around three to four hours from Mumbai and a Ro-Ro ferry service from the Gateway of India to Mandwa that takes under an hour.

Celebrities and developers eye Alibaug

Several prominent personalities have also invested in Alibaug real estate, reinforcing its status as a high-demand market. Major developers have reportedly secured large land banks in the region, signalling long-term growth prospects.

As Mumbai heads toward crucial civic elections, Narwekar’s extensive real estate holdings have drawn attention, spotlighting the intersection of politics, wealth, and property investment in urban local bodies.bai and a Ro-Ro ferry service from the Gateway of India to Mandwa that takes under an hour.