The accident occurred at around 5.20 AM when the speeding Honda City car's driver lost control as a result of which the vehicle rammed into a tree alongside the road near Shastri Nagar area in Vile Parle, a police official said.
"We have seized the mangled car and are investigating the matter," he said.
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The process of conducting the panchnama was on after which the bodies will be sent for postmortem.
The autopsy report will make it clear if the driver was under the influence of alcohol, the official said.
Out of the five deceased, four have been identified as - Muzzamil Makhnujia, Muzzamil Mukhtar Kanosiya (22), Rashida Yusuf Sheikh (25) and Junaid Sheikh Soni (22), all residents of Mira Road in neighbouring Thane district, he added.
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