BMC Election 2026: Makrand Narwekar, BJP's Richest Candidate, Invests Heavily in Alibaug Real Estate
Makrand Narwekar, a BJP candidate contesting the 2026 BMC (Brihanmumbai Municipal Corporation) elections from South Mumbai, is not only a lawyer but also a savvy real estate investor. He has declared assets worth ₹124.4 crore, primarily through his investments in land and property. This makes him the wealthiest candidate in the race.
According to his affidavit filed for the elections, Narwekar owns 27 agricultural land parcels in Alibaug, a coastal town approximately three to four hours by road from Mumbai. These land parcels were acquired between June 2022 and November 2025. Additionally, he owns a flat measuring over 1,400 sq ft in Colaba, South Mumbai, which he purchased in October 2021.
The value of real estate in Alibaug is on the rise. The capital value of apartments in the area ranges from ₹15,000 to ₹17,000 per sq ft, while agricultural land is priced at ₹3–5 crore per acre, and non-agricultural land at ₹8–10 crore per acre, according to local brokers. Alibaug's proximity to Mumbai and its scenic beauty make it an attractive destination for second homes and weekend retreats.
Narwekar's sister-in-law, Harshita Narwekar, is also contesting the BMC polls from South Mumbai. She has declared assets worth ₹63 crore, which include three agricultural lands, with one in Goa and two in Alibaug. One of these Alibaug plots was purchased jointly with Makrand Narwekar in October 2024.
Alibaug is not just a favorite among political figures but also among celebrities. In April 2024, Bollywood icon Amitabh Bachchan bought a 10,000 sq ft land parcel in Alibaug’s A Alibaug development for ₹10 crore from House of Abhinandan Lodha. He followed this with the purchase of three adjoining plots totaling 9,557 sq ft for ₹6.6 crore in A Alibaug Phase 2 in October 2025.
Other notable figures who have invested in Alibaug include Bollywood actor Kartik Aaryan, who entered the market in September 2025, acquiring a 2,000 sq ft plot worth around ₹2 crore at Chateau de Alibaug, also by HoABL. Suhana Khan, daughter of Shah Rukh Khan, is another notable buyer of agricultural land in Alibaug.
Major developers like Oberoi Realty, Lodha Developers, and Hiranandani Developers have also recognized the potential of Alibaug and have significant land banks in the area. This influx of investment from both public figures and major developers is expected to further boost the real estate market in Alibaug, making it a prime location for both residential and commercial development.
The BMC elections in 2026 are shaping up to be a significant event, with candidates like Makrand Narwekar bringing their substantial investments and influence to the table. The focus on real estate and land acquisition in Alibaug highlights the growing importance of this coastal town as an extension of South Mumbai, a trend that is likely to continue in the coming years.
