The deceased identified as Faheem Ahmed was declared dead on arrival at Lok Nayak Jai Prakash Hospital.
As per the police, the builder's personal or business rivalry with local builders could be the motive behind his murder.
The crime was committed around 11.15 pm near Punjabi Fatak in Ballimaran here when Ahmed was taking a walk near his house after dinner.
A case of murder and Arms Act was registered at Lahori Gate police station against four unknown persons.
"The CCTV footage of the locality are also being scanned for clues. Some local criminals are also being grilled," police said.
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