Raj Khanderi (44), who was on ventilator support, died at around 8:20 PM at Mahatma Gandhi Memorial Hospital, said a senior police officer.
Khanderi had shot himself point blank on his right temple at his residence in Sanpada at around 2.30 PM yesterday while his mother and maid were inside the house.
Frequent calls made to Navi Mumbai Police Commissioner Prabhat Ranjan did not meet any response.
Khanderi of Swaraj Builders and Developers, was living with his family in their flat on the 11th floor of Raj Uday Society in Sanpada.
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Police suspect that the builder was under depression.
A case of suicide was registered at the Sanpada police station yesterday.
On October 7 last year, Thane-based builder Suraj Parmar had allegedly committed suicide by shooting himself because he was "fed up" with government's regulations and problems being faced by realty developers.