The assailants scaled the boundary wall of the house of 35-year-old Bhati, yesterday and shot him dead.
The attack came on a day when the two gunners provided for his security were on leave, police said today.
Bhati, who was earlier in the property business, was provided with gunners due to a threat to his life.
Superintendent of Police (rural) Brijesh Kumar Singh reached the site and pacified the villagers, who were not allowing the body to be taken for post-mortem.
The villagers were demanding arrest of the killers.
Last year, Bhati's brother-in-law was shot dead by assailants. Pardhan Billoo Singh and his son Billoo Singh were made accused in the case.
Bhati's family members had then told police that Singh had actually come to kill Bhati but accidentally killed his brother-in-law.
Police suspect that old enmity was the cause of the murder.
Photos: Katrina Kaif, Shamita Shetty at Mumbai airport
Photos: Varun Dhawan, Alia Bhatt promote 'Badri...' on 'Dil Hai Hindustani'
In pictures: 15 facts about kissing that will surprise you
Photos: Shahid Kapoor and Mira Rajput at cafe in Bandra
Photos: Deepika Padukone, Neha Dhupia and Soha Ali Khan at event