Richest BJP Candidate in BMC Elections: Makrand Narwekar's Real Estate Empire in Alibaug
Makrand Narwekar, a lawyer and the younger brother of Maharashtra Assembly Speaker Rahul Narwekar, is the richest candidate contesting the 2026 BMC polls from South Mumbai. According to his affidavit, he has declared assets worth ₹124.4 crore. Narwekar is an active real estate investor, particularly in Alibaug, a scenic coastal town near Mumbai known for its second-home market.
Narwekar's real estate portfolio includes 27 agricultural land parcels in Alibaug and a flat measuring over 1,400 sq ft in Colaba, South Mumbai. The land parcels were acquired between June 2022 and November 2025, as per the affidavit. The flat in Colaba was purchased in October 2021. It is noteworthy that Narwekar does not own any non-agricultural land.
Harshita Narwekar, Makrand's sister-in-law, is also contesting the BMC polls from South Mumbai and has declared assets worth ₹63 crore. She owns three agricultural lands, including one in Goa and two in Alibaug. One of these Alibaug plots was purchased jointly with Makrand Narwekar in October 2024.
Alibaug, located approximately three to four hours by road from Mumbai via the Mumbai–Goa highway, is becoming a popular second-home destination. The Ro-Ro ferry from the Gateway of India to Mandwa takes around 45 minutes, making it a convenient weekend getaway for Mumbai residents. The capital value of apartments in Alibaug ranges from ₹15,000 to ₹17,000 per sq ft, while land prices stand at ₹3–5 crore per acre for agricultural plots and ₹8–10 crore per acre for non-agricultural land, according to local brokers.
Alibaug's appeal as a second-home destination has attracted not only political figures but also 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. 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 another notable buyer of agricultural land in Alibaug.
Major developers like Oberoi Realty, Lodha Developers, and Hiranandani Developers have also established significant land banks in Alibaug, further boosting the area's real estate market.
The BMC elections in 2026 are expected to have a significant impact on the real estate sector in Mumbai. Experts predict that new real estate launches may pick up after the civic polls, driven by the renewed focus on development and infrastructure improvements. With figures like Makrand Narwekar and Harshita Narwekar contesting from South Mumbai, the real estate market in Alibaug and the broader Mumbai region is likely to see increased activity and investment.
Alibaug's transformation from a weekend retreat to a potential extension of South Mumbai is a trend that is capturing the attention of both investors and homebuyers. The combination of its natural beauty, convenient location, and growing real estate opportunities makes Alibaug a hotspot for those looking to invest in a coastal holiday home or a second residence.
