A 48-year-old real estate developer was allegedly shot dead by two persons over business rivalry in Kalyan town of Maharashtra's Thane district, police said on Saturday. Jinesh Thakkar was gunned down by two men near a housing complex late on Friday night, the station house officer of Mahatma Phule police station said.

The victim sustained four bullet wounds and died on the spot, he said, adding that business rivalry may have been a motive for the killing.