Chandrashekhar Guruji of 'Saral Vastu' was stabbed to death in a city hotel on Tuesday, police said.
Visual footage showed two people repeatedly stabbing him at the reception area of the hotel.
Police have launched a vigorous search to trace the killers.
Learning about the incident, the Hubballi Police Commissioner Labhu Ram rushed to the spot.
Hailing from Bagalkote, Guruji had started his career as a contractor and later got a job in Mumbai where he settled, family sources said. They added that he subsequently pursued Vastu business there.
Three days ago a child in his family had died in Hubballi, for which he had come here to attend a ceremony.
