It is suspected that the woman was strangulated to death at least a day ago, as the body had started to decompose.
The incident came to light when a constable patrolling the area checked the bag kept in an e-rickshaw parked on the road, said police.
When the e-rickshaw driver was questioned, he told the police that a man had asked him to carry the bag on his vehicle till the metro station while he would follow him on his own two-wheeler but he never turned up.
A case of murder has been registered and police are preparing a sketch of the man who handed over the bag to the driver, they further said.
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The woman was wearing a kurta and a jeans but carried no document or mobile phone which could have helped the police in ascertaining her identity.
There was also a muffler wrapped around her neck, police said.
The police have also not ruled out the possibility of sexual assault but said that it can be verified only after a medical examination.