The incident took place in Vadavali residential locality last night around 9 PM when the men forced their way into the house and gagged her before they slit her throat using a knife, API Rajendra Khade said.
They later fled with her ornaments, weighing around 40 grams, police said.
The woman died on the spot and her body has been sent for postmortem.
According to police, at the time of the incident the woman's husband and son were not at home, and it was only on their return that they came to know about the murder.