The seven accused entered the Srinidhi Apartments in Vasant Nagari in the wee hours on Saturday. They then tied up the building watchman and broke open four flats, Police Inspector D B Kalantri of Tulinj police station said.
"In the three flats they did not not get anything, but at the residence of one P Gupta, they decamped with jewellery worth Rs 65,000 cash," he said.
Police have launched a search and an offence under section 395 (dacoity) of the IPC.