'Live example of India shinning,' says BMC poll nominee whose net worth jumps 1,900% in 9 years. Who is he?

The Brihanmumbai Municipal Corporation (BMC) elections 2026 are set to be held on 15 January. Established in 1873, Mumbai city's civic body is the country’s largest and richest.

The counting of votes for the BMC election will be held on 16 January. The BMC polls are held every five years to elect corporators. The last civic polls were held in February 2017.

The five-year term of the corporators ended on March 7, 2022. Since then, the BMC has been administered by a Maharashtra government-appointed administrator.

A party or alliance needs at least 114 seats to form a majority and elect the Mayor of Mumbai. This year, as many as 1,700 candidates are contesting the BMC polls.

The 'richest' candidates

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, Makrand could be the wealthiest candidate in the BMC elections.

Among other 'high net worth' candidates, Rahul Narwekar's sister-in-law Harshita Narwekar, who is contesting from ward number 225, has declared assets of ₹63.62 crore. 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.

“Everything is shown clearly in my affidavit. I would only like to say that this is a live example of India shinning under the Narendra Modi govt for the past decade. We are today the fastest growing economy and I would only like to say that citizens should take advantage of it,” Narwejar told Times of India.

As per his affidavit filed with the Election Commission, Makrand Narwekar's assets, including the assets of his wife, grew 1,868 per cent compared to nine years ago, news agency PTI said.

Movable and Immovable Assets

Narwekar purchased 27 agricultural land parcels in rapidly developing Alibaug in the coastal Raigad district between October 2022 and November 2025, according to the news agency. Narwekar, 47, has cited "advocate" as profession.

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, Narwekar 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.

₹7.99 crore south Mumbai's Colaba flat

Narwekar 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 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.

Harshita Narwekar has declared assets of ₹63.62 crore including 39.22 crore-worth immovable assets. In 2017, she had declared assets of ₹10.74 crore.

As per her election affidavit, her husband Ashwin purchased three agriculture land parcels - two in Alibaug and one in Goa -- between February 2022 and November 2025. The land purchased at Mapgaon in Goa is co-owned by Makarand Narwekar, the affidavit showed.

(With agency inputs)