Sanjay R Merchant was in Central Park locality at about 6.45 pm yesterday when the accused fired upon him from point blank range, leaving him dead on the spot, the district police said in an official release.
Police suspect the attack was a fallout of an ongoing fued in the construction business. A manhunt has been launched for the killers, police said.
Offences under sections 302 of IPC and also 3,25 and 27 of the Arms Act has been registered against the attackers, police added.
On October 7, a prominent builder and head of Cosmos Group from neighbouring Thane district, Suraj Parmar had shot himself dead citing reasons like harassment by politicians, constant demand for bribes from government officials and slow pace of approvals for projects in his suicide note.