Sanjay Umbarkar (42) was held at the weekend and has been booked under sections 302 (murder) and 309 (attempt to commit suicide) of the Indian Penal Code (IPC), police inspector Bhagwat R Chowdhary said, adding Umbarkar was produced before a local magistrate who remanded him in police custody till July 25.
A professor at Annasaheb Jadhav College in Bhiwandi, Umbarkar allegedly stabbed to death his wife Swati (40), also a lecturer, and daughter Atharva at their flat in Vardhaman Garden Apartment at Balkum locality on the night of July 3, police said.
Umbarkar's son Rigved (15), who witnessed the alleged murders, had narrated the incident to police.
According to police, the professor also attempted to kill himself after the crime and was rushed to a local hospital where he was undergoing treatment before his arrest.
Police said Umbarkar and his wife often used to fight over petty issues and a similar argument on July 3 could have led to the murder.
Police have recovered the knife allegedly used by Umbarkar in the double murder.