Some passersby informed the police control room on Sunday about foul smell at a spot on the ghat section, he said.
When the police reached the spot, they saw a big cardboard box there and on opening it, found the decomposed body having several injury marks, he said.
The official said they suspect that the woman, presumably in her 50s, was killed around 10 days back and the body later dumped in the ghat area.
The body was sent for postmortem to a government hospital in Sahapur area and a case registered under Indian Penal Code Sections 302 (murder) and 201 (causing disappearance of evidence of offence), he said.
A probe was underway to identify the deceased and nab the culprit, he added.
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