"Delhi again has been rocked by a big crime today. Looks like Delhi state and central government has totally failed," Bharatiya Janata Party (BJP) leader Rajiv Pratap Rudy said.
"The morning incident when a former BSP candidate was killed is highly deplorable. Union capital has become capital of terror and lawlessness. BJP condemns it," he said.
Bhardwaj, 61, was shot dead in a south Delhi farmhouse by some unidentified people, police said, suspecting contract killers did the job.
The leader's associate was also injured in the firing.
Bhardwaj contested the 2009 Lok Sabha elections and was the richest candidate with assets worth over Rs 603 crore. He dabbled in real estate, hotels and education.