The incident took place this evening when a fight ensued between two of the buffaloes grazing in a compound in the colony, SP (City) Om Prakash said.
As the two buffaloes were fighting, all other buffaloes rushed out, breaking the wall of the compound.
Four children playing nearby got injured due to the wall collapse and because of being trampled by the running buffaloes, the SP said.
They were rushed to hospital were three of them died during treatment, he said.
Upset over the incident, locals protested before the police and demanded compensation.