The victim, identified as D Yadgiri, is undergoing treatment at a hospital and is stated to be out of danger.
Hyderabad City Police Commissioner Mahender Reddy said as per the initial information given by Yadgiri, a person with whom he had a land dispute was involved in the firing.
The incident took place between 11 am and 11.30 am.
"Yadgiri said a person known to him was involved in the firing. We are investigating as to what the dispute is. We found that at least two rounds were fired at him. The victim ran into a nearby hospital to save himself. Later he came to the police station and registered a complaint," Reddy said.
"The assailant also tried to chase Yadgiri and entered that hospital, but later disappeared from the spot," he said.
Reddy said they found two weapons -- one in a dustbin at the hospital and the other with the victim.
A senior police official added that apart from the two bullets, they have also recovered four empty shells from the crime scene.
Telangana Pradesh Congress Committee spokesman Mahesh said, "Yadgiri's daughter had unsuccessfully contested the recently-held elections of the Greater Hyderabad Municipal Corporation."
Further investigation into the case is on.
Deputy Commissioner of Police (North Zone) B Sumathi said the initial investigation revealed that two persons were involved in the incident. Of them one opened fire at the victim.
"As of now believe that land disputes are the reason for the incident. The victim also involved in real estate business," Sumathi told PTI.
According to her, Yadgiri received superficial injuries.
IMAGE: A screengrab of the CCTV footage shows the victim, identified as D Yadgiri, being shot at. Photograph: YouTube