The court also convicted eleven others accused. The sentence will be pronounced on August 27.
One of the accused, Bala Surve, died during trial, while three accused were acquitted for lack of evidence.
Jamsandekar was shot dead in March 2008 at his Asalpha residence in suburban Ghatkopar. Gawli was arrested on May 21, 2008 and has been in custody since then.
On October 7, 2010, the court had framed charges against Gawli and other accused under MCOCA, sections 302 (Murder), 34 (common intention) and 120B (criminal conspiracy) of IPC, while Gawli and others had pleaded innocence.
According to police, the contract of killing Jamsandekar was allegedly given by accused Sahebrao Bhintade and Bala Surve, who were reportedly his (Jamsandekar's) rivals in construction business and the local politics.
The crime branch had said that the other reason why Jamsandekar was executed was that Bintade and Surve were eyeing a plot at Saki Naka in suburban Mumbai and Jamsandekar reportedly "refused to cooperate".
According to prosecution, Jamsandekar was murdered at the behest of Gawli, who had, along with the co-accused, conspired to execute him.
The charge sheet said that a sum of Rs 30 lakh was paid to the Gawli gang for the job. The trial had commenced from October 2010.
