The incident took place yesterday when the victim, identified as Hafeez, was returning home on his motorcycle from Parade scrap market, police said.
Some bike-borne assailants shot at him and also stabbed him in the neck with sharp-edged weapons, following which Hafeez lost his balance and fell into a drain, they said.
He was rushed to a hospital where doctors declared him dead, police said.
The body has been sent for post-mortem, police said, adding, security has been enhanced in the area as the incident took place on the eve of Diwali festival.