Parwekar (44) was killed last evening near Ladkhed, 25 kms away from here, when his car overturned while returning after attending a function, police said.
Four other occupants of the car sustained injuries.
Chief Minister Prithviraj Chavan, his deputy Ajit Pawar and other ministers besides political leaders across the spectrum, along with hundreds of people, attended the funeral.
"Parwekar was a dynamic personality who was always concerned with development of his constituency. He was sincere and devoted for the fulfilment of his commitment to the social cause," Chavan said.
Condoling the death, Deputy Chief Minister Ajit Pawar said Parwekar was the rising star of Yavatmal.
Ministers Shivajirao Moghe, Nitin Raut, Manoharrao Naik, Balasaheb Thorat, Balasaheb Vikhe Patil, Rajendra Mulak, Varsha Gaikwad, MPCC president Manikrao Thakre, Deputy Speaker Vasant Purke, sitting MPs Bhavana Gawali (Yavatmal) and Subhash Wankhede (Hingoli) attended the last rites.
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Also present were MLAs from east Maharashtra region.
The last rites were held as per the customs of Lingayat community to which Parwekar belonged.
Unlike most Hindus who cremate the dead, the Lingayat sect buries its dead.