The incident was reported from Mundka in which the victim has been identified as Sunil, a property dealer.
Sunil's family told police that he was sleeping when his uncle Prithvi Chand came along with three others and took him out of the house.
"They took him from the house and allegedly opened fire at him following a minor scuffle," a senior police official said quoting the family.
Hearing the firing, the official said, his family members rushed to the spot and found Sunil lying in a pool of blood.
Police was informed and Sunil was rushed to Sanjay Gandhi Memorial hospital where he was declared brought dead.
Sunil is survived by wife Manu and two children, Sahil and Ishika.
"A dispute over property is assumed to be the reason behind the killing. Chand has been arrested while efforts are on to identify the three others who were with him at the time of the incident," the official said.