The 78-year-old veteran politician said as two members of his family are going to contest the polls, "somebody had to step back."
Maharashtra Chief Minister Devendra Fadnavis said the NCP chief's decision to pull out from poll fray was because he had "sensed the change in the air".
"Since I have already won elections 14 times, I decided not to contest the poll (this time)," the Rajya Sabha member told reporters after holding a meeting with party leaders.
"Somebody from our family had to step back and I decided to give an opportunity to the young leadership. I thought this was the right time to take this decision," he said.
"Jayant Patil (of Peasant and Workers Party of India), whose party has good presence in three of the six Assembly segments in Maval Lok Sabha constituency, urged me to give ticket to Parth as his party is ready to work for him.
"We also have strong presence in the other three constituencies and we thought of giving an opportunity to the young leadership by giving ticket to Parth from Maval," he said.
Sharad Pawar had earlier said he was reconsidering his decision of not contesting the Lok Sabha election.
"There was a lot of insistence (from within NCP) that I contest from Madha. However, my candidature hasn't been declared yet," Pawar said Monday.
Reacting to Pawar's announcement, Fadnavis said the NCP leader "sensed the change in the air", and decided to rethink on plans to contest Lok Sabha poll from Madha LS seat.
"It looks like he has understood the change and this (Pawar's pulling out of LS poll arena) is a major victory for the BJP, Fadnavis said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)