Abdul Rehman Ganaie was shot at twice by two motorcycle-borne militants from close range in his Natipora locality at around 1.35 PM, they said.
Ganaie, who was affiliated with National Conference, was rushed to Bone and Joint Hospital at Barzulla where doctors declared him "brought dead".
Police has cordoned off the area and launched a manhunt for the ultras, who fled the scene.
No militant outfit has claimed responsibility for the attack so far.