The victim, identified as D Yadgiri, is undergoing treatment at a hospital and is stated to be out of danger.
Hyderabad City Police Commissioner Mahender Reddy said as per the initial information given by Yadgiri, a person with whom he had a land dispute opened fire on him.
The incident took place between 11 am and 11.30 am.
"Yadgiri said he was shot by a person known to him. We are investigating as to what the dispute is. We found that at least two rounds were fired at him. The victim ran into a nearby hospital to save himself. Later he came to the police station and registered a complaint," Reddy said.
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Reddy said they found two weapons -- one in a dustbin at the hospital and the other with the victim.
A senior police official added that apart from the two bullets, they have also recovered four empty shells from the crime scene.
Telangana Pradesh Congress Committee (TPCC) spokesman Mahesh said, "Yadgiri's daughter had unsuccessfully contested the recently-held elections of the Greater Hyderabad Municipal Corporation (GHMC)."
Further investigation into the case is on.