The incident occurred when Ranibai's husband was away for work while she was inside the house with her three daughters.
Additional Superintendent of Police Arvind Dube said Ranibai allegedly doused herself and the children in kerosene and set themselves on fire.
While Muskan (7), Mansi (5) and Tulsa (2) died on the spot, the woman is battling for life in hospital, he said.
"Prima facie Ranibai took the extreme step owing to some family dispute," the ASP said, adding that further investigation is on.
Disclaimer: No Business Standard Journalist was involved in creation of this content