According to the commissioner, the shooting took place at 8.55 am when three assailants entered Nitish Kunj in the Rajokri area in a dark grey Skoda car. They entered the farmhouse on the pretext of booking it for a wedding.
"They entered the farmhouse and chatted with Deepak Bhardwaj. They then fired two shots at point blank range which killed him," said Neeraj Kumar.
Bhardwaj had contested the 2009 Lok Sabha elections and was the richest candidate with assets worth over Rs.603 crore.
His associate was injured and is under treatment at a hospital.
Bhardwaj, 61, who dabbled in real estate, hotels and education, was rushed to Fortis Hospital in Vasant Kunj where he was declared dead.