The stage is set for a high-stakes electoral battle in India's financial capital as the Brihanmumbai Municipal Corporation (BMC) prepares for its 2026 elections. The polls, crucial for controlling the country's largest and wealthiest civic body, are scheduled for 15 January 2026, with vote counting to follow on 16 January.
Poll Schedule and Political Context
Established in 1873, the BMC is a pivotal institution governing Mumbai. Elections are held every five years to elect corporators. The last polls were conducted in February 2017. The five-year term of the elected corporators concluded on 7 March 2022, after which the BMC has been under the administration of a state government-appointed administrator. To secure a majority and elect the Mayor of Mumbai, a party or alliance must win at least 114 seats out of the total. This electoral cycle has attracted a large pool of contenders, with approximately 1,700 candidates in the fray.
The High Net Worth Contenders
A defining feature of this election is the substantial personal wealth declared by several candidates. Topping the list is Makrand Narwekar, the younger brother of Maharashtra Assembly Speaker Rahul Narwekar. Contesting from ward number 226 on a BJP ticket and seeking a third term, Narwekar has declared total assets worth a staggering ₹124.4 crore, potentially making him the wealthiest candidate.
His affidavit reveals a dramatic 1,868 per cent increase in assets compared to nine years ago. Of his total wealth, ₹32.14 crore are movable assets, while ₹92.32 crore are immovable. His liabilities stand at ₹16.68 crore in loans and borrowings. Notably, his assets were valued at ₹6.3 crore in 2017 and ₹3.67 crore in 2012 when he first contested as an independent.
Property Portfolio and Other Wealthy Candidates
Makrand Narwekar's significant wealth includes a flat in Colaba, South Mumbai, worth ₹7.99 crore, purchased in October 2021. Furthermore, he and his wife, Rachana, own 29 agricultural land parcels in Alibaug, Raigad district—a popular retreat for celebrities and industrialists. These lands, acquired between October 2022 and November 2025, have a current valuation of approximately ₹89.91 crore (for his 27 parcels) and ₹2.41 crore (for his wife's 2 parcels). His movable assets include bank deposits and three vehicles, including two Toyota Fortuners.
Other affluent candidates include Harshita Narwekar, sister-in-law of Rahul Narwekar, contesting from ward 225 with declared assets of ₹63.62 crore—a sharp rise from ₹10.74 crore in 2017. Samadhan Sarvankar, son of former Shiv Sena MLA Sada Sarvankar, has assets worth ₹46.59 crore. Former mayor and Shiv Sena (UBT) candidate Shraddha Jadhav has declared assets of ₹46.34 crore.
The upcoming BMC election is not just a political contest but also a showcase of substantial personal fortunes entering the civic arena. With the administration of India's most financially powerful municipal corporation at stake, the results on 16 January 2026 will shape Mumbai's urban governance for the next five years.
