The incident took place yesterday around 9.45 PM. The victim, Dishit Jariwala, owned a textile loom factory at Katargam here.
After gaining entry into the house, the assailants held Jariwala captive in his bedroom, while his wife and minor daughter were locked in the bathroom.
Later, they killed Jariwala and looted cash and other valuables including jewellery from the bungalow, police said, adding that other members of Jariwala's family are currently in Mauritius.
"We are investigating to find out if Jariwala was murdered with the intention of loot or if the assailants had any past enmity with him over his business. They could have been acquainted to the victim, as no trace of struggle was found in opening of the front door of the bungalow," P V Rathod, DCP Zone (IV), said.
"We are not able to identify the persons in the CCTV footage due to darkness, but have come to know that they were conducting recee of the locality for the last two days," Rathod said, adding the looted amount is yet to be ascertained.