Deputy Superintendent of Police Atul Yadav said that on a tip-off, the three accused - Kiran Pal Singh, Nitin Kasana and Narendra Fauji of Chirodi village - were arrested from a food joint near Aditya Mall in Indirapuram last night.
A special team, led by SHO Gorakh Nath Yadav, was formed to crack the case, he said.
Pradeep Chaudhary, a former BSP councillor who had joined SP, was shot dead around 8.30 am on December 10 last year by three motorcycle borne assailants while he was going to a gymnasium on his bike near Mewar College.
Singh had purchased a disputed plot of land in Rajendra Nagar colony of Sahibabad from a Delhi-based owner at a minimal cost as it was illegally grabbed by two persons, Mahendra Pehalwan and Narendra Noodal, he said.
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He had assured us to give 50 per cent share from the sale proceeds of the disputed plot, Narendra added.
Pal told us that after murdering Pradeep, he will prompt his family members to lodge FIR against Mahendra Pehalwan and Narendra Noodal, he said.
"I alongwith my shooter friends Nitin and Balram had killed Pradeep outside a gym in Vasundhara colony," he said.
Police have seized one motorcycle, an SUV, two pistols of .32 and .30 caliber used in the crime and eight live cartridges from their possession.
The absconding fourth accused Balram will be nabbed soon, said the Deputy SP.