Bhardwaj was shot during a firing at his farmhouse in Rajokri in South Delhi on Tuesday morning. A critically injured Bhardwaj later succumbed to his injuries.
The incident happened when some unidentified gunmen started firing at the farmhouse. They had entered the farmhouse in a black car and shot Bhardwaj dead following a tiff.
Bhardwaj was one of the richest candidates in the 2009 Lok Sabha polls. He had declared assets worth Rs 600 crore in his poll affidavit that year.
He owned township projects in Hardwar in Uttar Pradesh besides having business in hotel and education sectors.
Criticising the law and order situation in the national capital, BJP leader Rajiv Pratap Rudy said,"Delhi again has been rocked by a big crime today. Looks like Delhi state and central government has totally failed."
"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," added Rudy.