Brig Sikander Malik, a doctor, was the principal of a private medical college and was living within the facility's residential area in Gulistan Colony.
Unidentified men entered Malik's home and shot him in the head. His wife and two daughters too were killed, said a report on the website of the Dawn newspaper.
Malik's son was injured during the shooting though he was reported to be out of danger.
An investigation has begun and forensic experts were called to Malik's home take fingerprints from the scene of the crime.