BMC Elections 2026: 35% Candidates Are Crorepatis, BJP Fields Maximum Millionaire Nominees as Mumbai Civic Polls Near, Check Names

Mumbai, January 12: As the Brihanmumbai Municipal Corporation (BMC) prepares for elections on January 15, 2026, a significant number of affluent candidates have entered the fray.¹ Recent analysis of election affidavits reveals that approximately 35% of candidates contesting for the 227 electoral seats are "crorepatis" (millionaires). The surge in personal wealth among returning and new candidates has become a central point of discussion in the lead-up to the polls.

BJP Fields Maximum Crorepati Candidates

Data analysis of the current candidate lists indicates that the Bharatiya Janata Party (BJP) has fielded the highest number of wealthy candidates in this election cycle. Nearly 70% of the BJP's nominees have declared assets exceeding ₹1 crore. Following closely is the Shiv Sena (Eknath Shinde faction) and the Shiv Sena (UBT), both of whom have nominated a substantial number of millionaires, particularly in the suburban belts of western and eastern Mumbai. The Indian National Congress and the Samajwadi Party also feature several high-net-worth individuals, though their overall percentage of crorepati candidates is lower than that of the ruling alliance. BMC Elections 2026: List of Key Candidates From BJP, Shiv Sena, MNS & Others.

Record-Breaking Assets in South Mumbai

The wealthiest candidate identified in the current election cycle is Makrand Narwekar, representing the BJP. Narwekar, a seasoned corporator, is seeking another term from Ward 226 (Colaba). According to his affidavit, Narwekar has declared total assets worth ₹124.4 crore. This marks a massive increase from his previous declarations, largely attributed to real estate appreciation. His holdings include significant agricultural land in Alibaug and premium residential property in South Mumbai. His declared annual income for the most recent financial year stands at approximately ₹2.77 crore. BMC Elections 2026: Ward-Wise List of Candidates, Polling & Result Dates.

Key Wealthy Contenders and Their Assets

Several other candidates have reported substantial assets, reflecting the high-stakes nature of the municipal race:

Context: Real Estate and Growth

The rise in asset values for many returning candidates has been a point of scrutiny. Candidates have frequently cited the rapid appreciation of Mumbai’s real estate market as the primary driver for their increased net worth. For instance, candidates with land holdings in peripheral areas like Raigad or the Mumbai suburbs have seen their valuations double or triple due to new infrastructure projects like the Mumbai Trans Harbour Link (Atal Setu). With the BMC managing a budget larger than that of several small Indian states, the financial background of those vying for a seat in the "August Kranti" hall remains a key metric for voters assessing transparency and influence.³

(The above story first appeared on LatestLY on Jan 12, 2026 04:14 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).