The incident took place at around 10:30 am when the two brothers, identified as Shadab Singh and Kaptan Singh, had an argument with Rahul alias Kalu over parking of his car.
"Rahul then shot the two brothers and fled from the spot in his car. The two were rushed to a nearby hospital where they were declared brought dead," said a senior police official.
Rahul is said to be a known criminal of the area and a manhunt has been launched to nab him.
The car's number which was used by him has been flashed and barricades have been erected on all major escape routes, police said. A police team led by senior officials is on the spot and further investigations are underway.