The incident occurred at around 7.30 am at Shiravali village when Gauri Atre (35) and Meenakshi Waknis (30) were washing clothes in Banganga river while their three children were playing in water, according to police.
Police said as two boys, identified as Tushar Atre and Shubham Waknis (both 7) started drowning after they went into deep water, their respective mothers tried to rescue them along with Tejaswini, the 11-year-old daughter of Gauri, but all of them drowned.
The children and women were brought out of water in an unconscious condition by the police personnel and some locals, police said, adding that they were taken to Khalapur primary health centre (PHC), where they were declared brought dead.
Bodies of the deceased were handed over to their family members, police said.