The mishap took place yesterday when a portion of the wall at a barrage caved in near the district's Chinchve area, about 110 kms from here.
After visiting the families of three of the deceased engineers, Bhujbal, who is the in-charge of Nashik district, also announced a financial assistance of Rs 10 lakh each to the kin of the five engineers from the Chief Minister's relief fund.
A chief engineer-level officer will conduct an inquiry into the incident.
In view of the ongoing rainy season, the irrigation department had asked the contractor not to allow work in soily areas. However, the work at the ill-fated site was in progress since July 26.
When asked whether the government will book the contractor for 'culpable homicide', Bhujbal said police are registering an offence in the mishap and they will decide on it.