Judge Ghulam Memon awarded the death penalty to Shahrukh Jatoi and Siraj Talpur, main suspects in the case while two others, Sajjad Talpur and Murtaza Lashari were given 25 years rigorous imprisonment.
Shahzeb Khan, 20, was gunned down on December 24, last year in Defence Housing Authority (DHA) when he was returning home along with his sister after attending a wedding.
He was murdered reportedly after he had an altercation with one of the suspects' servant who had allegedly teased his sister.
Pressure from the media compelled the Supreme Court to take suo motu notice that led to the case being heard on a almost daily basis in the anti-terrorism court.
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After the killing, Shahrukh had fled to Dubai but was forced to return after police arrested his father and brother and confiscated their properties on court orders.
Shahrukh is the son of an influential and wealthy landlord. Shahzeb's family had difficulty in registering the case, though his father is a mid-ranking police officer.