Seeking a third term from Ward 226 on a BJP ticket, Narwekar could be the richest contender in the civic polls. According to his election affidavit, his assets — counted jointly with those of his wife — have surged nearly 1,868% over the past nine years.
Among other high net-worth candidates, Rahul Narwekar's sister-in-law Harshita Narwekar, contesting from Ward 225, has declared assets of ₹63.62 crore. Samadhan Sarvankar, son of former Shiv Sena MLA Sada Sarvankar, has assets worth ₹46.59 crore, while Shiv Sena (UBT) candidate and former mayor Shraddha Jadhav has declared assets of ₹46.34 crore.
Makrand Narwekar, 47, has listed his profession as an advocate. Of his total assets, ₹32.14 crore are movable and ₹92.32 crore immovable, as per the 27-page affidavit. He has liabilities of ₹16.68 crore, including loans and borrowings from individuals, banks and financial institutions.
In comparison, Narwekar had declared assets of ₹6.3 crore while contesting the 2017 civic polls on a BJP ticket and ₹3.67 crore in 2012, when he contested as an independent. His total income so far in FY2025-26 stands at ₹2.77 crore.
His declared assets include bank deposits of ₹6.66 lakh, three vehicles — two Toyota Fortuner Sigma SUVs valued at ₹40.75 lakh and ₹38.75 lakh, and a Maruti Grand Vitara worth ₹9 lakh — and receivables of ₹30.11 crore from family members, individuals and agencies.
Narwekar owns a flat in south Mumbai's Colaba, valued at ₹7.99 crore, and 29 agricultural land parcels — 27 in his name and two in his wife, Rachana's — located primarily in Alibaug, Raigad district. These land parcels were purchased between October 2022 and November 2025, while the Colaba flat was bought in October 2021.
The farmland is spread across villages, including Ziradpada, Kihim, Dhokawade, Saswane, Mhatroliwadi and Mapgaon. The current valuation of the farmland owned by Narwekar stands at ₹89.91 crore, while the land owned by his wife is valued at ₹2.41 crore.
Meanwhile, opposition parties have accused Assembly Speaker Rahul Narwekar of interfering in the BMC nomination process and of tampering with CCTV footage related to the exercise — charges he has dismissed as baseless and politically motivated.
Tejal Pawar, the sole candidate contesting against Makrand Narwekar in Ward 226, has alleged that she and her husband are facing pressure to withdraw from the race. An independent candidate, she is being supported by the Shiv Sena (UBT) and the Maharashtra Navnirman Sena (MNS).
Harshita Narwekar, who had declared assets of ₹10.74 crore in 2017, has seen a sharp rise in wealth this time. Her affidavit shows assets of ₹63.62 crore, including ₹39.22 crore in immovable assets. Her husband Ashwin purchased three agricultural land parcels — two in Alibaug and one in Goa — between February 2022 and November 2025. The Goa property is co-owned with Makrand Narwekar, the affidavit states.
