The incident took place last night in the Malangad Hills area where the family lived in an isolated home, DCP Zone-IV (Ulhasnagar) Sunil Bharadwaj said.
Police suspect it to be a case of dacoity and murder.
The trio, identified as Shankar Namdeo Bhandari (60), Fasubai Shankar Bhandari (52) and Sunny Bhandari (22) were axed to death, the official said.
Two members - another son and daughter in law - were saved as they were not at home. The family was into dairy business.
The Hill line police under the Ulhasnagar division have registered an offence under section 392 of the IPC, he added.
The incident came to light this morning when those in the vicinity did not not see any member of the family around and went to enquire about them and found them dead.
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