The incident took place last night.
Sriganesh Raskar (31), Yogesh Kadwe (22) and Vikram Bhombe (31) were arrested today, police said.
The victim was identified as N B Battiwala.
A senior police officer of Kondhwa police station said that Raskar runs a transport business, and his driver used to park the vehicles in front of the gate of Battiwala's bungalow.
"Battiwala often objected to it. On Friday night, the deceased had another argument with Raskar over the issue that led to the scuffle," said the officer.
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