The incident took place around 9:15 pm on Saturday.
After a heated argument, Vaibhav was alleged shot by two known persons - Vikram Singh and Suraj Shukla - outside the main entrance of Kasmanda House apartment.
Vaibhav was immediately taken to the Lohiya Hospital for treatment, but he succumbed to his injuries.
A search operation is being conducted by four police teams at different places to the arrest accused.
Further details are awaited. (ANI)