BMC Elections 2026: Makrand Narwekar, BJP’s Richest Candidate, Invests Heavily in Alibaug Real Estate
Makrand Narwekar of the BJP, the richest candidate contesting the 2026 BMC polls from South Mumbai, is an active real estate investor who has been steadily acquiring land parcels in Alibaug, a second-home destination near Mumbai.
Makrand Narwekar, a lawyer by profession, is the younger brother of Maharashtra Assembly Speaker Rahul Narwekar. According to the affidavit filed for the elections, Makrand has declared assets totaling ₹124.4 crore.
Real Estate Portfolio
According to the affidavit, Narwekar owns 27 agricultural land parcels in Alibaug, as well as a flat measuring over 1,400 sq ft in Colaba, South Mumbai. The land parcels were purchased by Narwekar between June 2022 and November 2025. The apartment was purchased by Narwekar in October 2021. The affidavit further reveals that Narwekar does not own any non-agricultural land.
Along with Makrand Narwekar, his sister-in-law, Harshita Narwekar, is also contesting the BMC polls from South Mumbai and has declared assets of ₹63 crore. Harshita Narwekar has also declared owning three agricultural lands, including one in Goa and two in Alibaug. One of the Alibaug plots was purchased jointly with Makrand Narwekar in October 2024.
The capital value of apartments in Alibaug ranges from ₹15,000 per sq ft to ₹17,000 per sq ft. In terms of land prices, it stands at ₹3–5 crore per acre for agricultural plots, and ₹8–10 crore per acre for non-agricultural land, according to local brokers.
Alibaug is approximately three to four hours by road from Mumbai, via the Mumbai–Goa highway. The Ro-Ro ferry from the Gateway of India to Mandwa takes around 45 minutes.
Other Public Figures Owning Land in Alibaug
In April 2024, Amitabh Bachchan bought a 10,000 sq ft land parcel in Alibaug’s A Alibaug development for ₹10 crore from House of Abhinandan Lodha. In October 2025, he purchased three adjoining plots totaling 9,557 sq ft for ₹6.6 crore in A Alibaug Phase 2.
Bollywood actor Kartik Aaryan entered the Alibaug 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 also among the notable buyers of agricultural land in Alibaug.
Major developers like Oberoi Realty, Lodha Developers, and Hiranandani Developers have significant land banks in Alibaug, further highlighting the area's growing popularity as a real estate destination.
