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The Brihanmumbai Municipal Corporation (BMC) elections 2026 are being seen as the most crucial political contest in Mumbai, with results scheduled to be announced on Friday, January 16, 2026. The BMC controls a budget running into thousands of crores of rupees, making it a powerful institution that shapes key decisions related to the city’s development.

As the election reaches its final stage, the wealth declared by candidates has emerged as a major talking point. Affidavits submitted to the Election Commission reveal that several contestants own assets worth crores, intensifying the debate around money power and politics. Among the most discussed names is BJP leader Makrand Narvekar, who is contesting from Ward No. 226. This is his third consecutive BMC election. Narvekar, 47, is the younger brother of Maharashtra Assembly Speaker Rahul Narvekar.

Assets See Sharp Rise Over the Years

In his election affidavit, Makrand Narvekar has declared total assets worth ₹124.4 crore, placing him among the wealthiest candidates in the BMC elections 2026. His financial disclosures have drawn significant political and public attention.

What has raised eyebrows is the sharp rise in his declared wealth over the years. In 2012, Narvekar had reported assets worth ₹3.67 crore, which increased to ₹6.32 crore in 2017. By 2026, the figure has surged to ₹124 crore, marking an increase of nearly 1,900 per cent over 14 years.

Movable and Immovable Properties in Focus

According to the affidavit, Narvekar’s movable assets are valued at ₹32.14 crore, while his immovable properties are estimated at ₹92.32 crore. He has also declared liabilities amounting to ₹16.68 crore. For the financial year 2025–26, his total income has been reported as ₹2.77 crore.

A significant portion of his immovable assets is located in the Alibaug area of Raigad district. Between October 2022 and November 2025, Narvekar purchased 27 agricultural land plots in Alibaug, which, in recent year,s has emerged as a high-value real estate destination, leading to a sharp rise in land prices.

Apart from this, he bought a flat in South Mumbai’s Colaba area in October 2021, valued at ₹7.99 crore. Colaba is considered one of Mumbai’s most premium and expensive localities.

The total assets of the Narvekar family have also come under scrutiny, with affidavits indicating a significant increase in wealth declared by other family members since 2017. This rise has triggered questions and debate within political circles as the high-stakes BMC election draws to a close.