Naik, a resident of Tral in south Kashmir's Pulwama district, was suffering from chest disease and breathed his last while being taken to a hospital last night.
He had served as general secretary of Plebiscite Front under NC founder and former chief minister Sheikh Mohammad Abdullah.
The Plebiscite Front advocated holding of a referendum in the state for deciding its future.
In 1967, Naik left the Plebiscite Front and contested assembly elections from Tral constituency.
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He was one of the many NC leaders and MLAs who toppled the Farooq Abdullah government in 1984 by allying with Ghulam Mohammad Shah and became revenue minister in Shah's cabinet.
However, he later returned to the NC and was elected speaker of the Assembly in 1996.
In 1999, he defeated former chief minister Mufti Mohammad Sayeed in Lok Sabha elections from Anantnag constituency of South Kashmir.
Naik was badly injured in a militant attack in 2006.
He is survived by two sons.
Recalling the contribution of Naik in the social and political awakening of the people, Mehbooba said "throughout his life Naik sahib worked selflessly for the welfare of his people and we need to emulate this spirit".
She extended her condolences to the bereaved family.
Expressing grief and sorrow over Naik's demise, NC president Farooq Abdullah and working president Omar Abdullah also extended condolences to the bereaved family.
Highlighting his contribution to the state and the party, Farooq said Naik's willpower and courage, despite his prolonged illness was a reflection of his dedication and conviction in serving the party and the people he strove hard to represent in sickness and health alike.
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