Police said Debu Gayen was arrested along with a sophisticated pistol with ammunition from an area under New Town police station limits.
There had been a constructon boom in the zone with the government planning to stretch the city to this part which already boasts off many offices, five star hotels, swanky malls and luxary apartments.
To a question police said the involvement of Gain in the murder of a small time real estate developer in the area months back was being looked into.