Mumbai: Makarand Narwekar, younger brother of Maharashtra Assembly Speaker Rahul Narwekar, has emerged among the wealthiest candidates for the Brihanmumbai Municipal Corporation (BMC) election with declared assets of over Rs 120 crore.
Details Of Makarand Narwekar's Affidavits
Narwekar, 47, from Ward no 226, is seeking his third term on a BJP ticket. According to his 27-page affidavit filed, he has declared assets worth Rs 124.4 crore. Of Narwekar's Rs 124.4 crore assets, Rs 32.14 crore are movable, and Rs 92.32 crore are immovable. His assets (which include the assets of his wife) grew 1,868 per cent compared to nine years ago.
Moreover, his affidavits also state that he has liabilities worth Rs 16.68 crore in the form of loans, borrowings and unsecured loans from various individuals, banks and financial institutions.
Among his assets, bank deposits of Rs 6,66,370, three vehicles, including two Toyota Fortuner Sigma cars valued at Rs 40.75 lakh and Rs 38.75 lakh, and a Maruti Grand Vitara worth Rs 9 lakh are also included. He is also owed Rs 30.11 crore by family members, other individuals, and agencies, the affidavit said.
Between October 2022 and November 2025, he had purchased 27 agricultural land parcels in the rapidly developing Alibaug area of the coastal Raigad district. The agricultural land parcels are located across Ziradpada, Kihim, Dhokawade, Saswane, Mhatroliwadi, and Mapgaon villages.
Additionally, the affidavit stated that he also owns a flat worth Rs 7.99 crore in South Mumbai's Colaba, and 29 farmland parcels, of which 27 are owned by him and two by his wife, Rachana. These lands were purchased between October 2022 and November 2025, and the flat was purchased in October 2021.
The current valuation of the farmland owned by Narwekar stands at around Rs 89.91 crore, while the land owned by his wife is valued at Rs 2.41 crore, the affidavit stated.
Massive Rise in Assets Since 2017
His income in the 2026 civic polls witnessed a massive rise after in 2017 civic polls, when he had declared assets of Rs 6.3 crore, while prior to that, in 2012, when he had first contested the civic polls as an independent, his assets were worth Rs 3.67 crore.
(With inputs from PTI)
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