The victims, identified as Renu Malik, 24, and 53-year-old Sheela Garg, were shot dead by the man inside the house in Bindapur area at around 9:10 AM.
Renu was shot dead in the first floor allegedly by her paramour who was staying there last night. Hearing the gunshot, Sheila rushed to the room to check what was happening.
The attacker then allegedly pumped bullets into the land lady and fled from the scene.
According to Sheila's son and property-dealer Dinesh, he rushed from his nearby office after hearing the gunshots and saw a man running out of the house with two firearms in his hands.
Dinesh claimed that the man threatened to shoot him when he came in his way and then fled in a car.
Police said Renu's husband, a cab driver, has gone to Madhya Pradesh. His brother, who was staying with the couple, was also not present at the time.
"At the time of incident, a domestic help was in the house but she became so scared that she could not tell us anything," a senior police official said.