The incident took place shortly after 1 pm today.
Two security guards were also injured in the shootout.
Police sources say that six bullets have been found in Ponty's body and Gurbeet had been shot eight times.
Both the brothers were not on good terms and there were disagreement between them over land ownership. Though police sources initially said both the brothers shot at each other, they later said that Harvinder opened fire at Ponty. Then Ponty's guards opened fire at Harvinder.
Sources said the brothers had called a meeting to resolve disputes related to their business.
Delhi police officials have reached the shooting spot and are investigating the incident.
On October 5, gunshots were also reported from Chadha's house in Uttar Pradesh's Moradabad district.
Fifty-five-year-old Chadha's business empire encompassed distilleries, multiplexes, sugar and paper mills, real estate, poultry and films. He was producer of the Sunny Deol starrer Jo Bole So Nihaal.
He was one of the prominent names in liquor business in Uttar Pradesh and was granted the sole distributorship for liquor under the Mayawati regime.
With inputs from PTI