Sawant, a two time corporator from Samta Nagar in Mumbai was attacked near his residence just as he was returning after meeting a friend.
He was rushed to a nearby hospital but was declared dead on arrival. Police filed a case under IPC section 302 and were investigating the matter.
Media reports said that the deceased had entered a cable business and had been receiving extortion calls for the last few days.
They also said that he had brought the matter to their notice. Media reports said the murder was probably connected to these extortion threats.
Sawant is survived by his wife, son and two daughters.