Police has said that the deceased identified as Ziauddin received five bullets and it has been termed as a target killing incident.
He was the brother of MQM Raabta Committee Advisor Ghazi Salahuddin and was also a renowned trader in the city.
The body was shifted to Civil Hospital Hyderabad where large number of MQM Parliamentarians and activists had gathered.
MQM workers have condemned the killing incident and demanded immediate arrest of the culprits behind the killing.