The robbers entered the house of businessman Jasbir Singh Chhabda (51) in Khatiwala tank area here by breaking the window grill and held him and his family hostage, even as they robbed the valuables.
When Chhabda objected to it, they hit him with a cricket bat on his head killing him on the spot, police said.
They took away gold and silver ornaments worth Rs 15 lakh and Rs five cash fled in a car.
A search was on to nab the accused, police added.