The incident occurred at 1.30 am.
"Four people rescued and three missing after the boat they were traveling in, capsized at Madh Jetty, Malad West, Mumbai at about 1.30 am today," said the Brihanmumbai Municipal Corporation (BMC) Disaster Management Unit.
The missing persons have been identified as Sayed Nazeer (55), Sadique Usm (45) and Yousuf Chuhan (48).
The search and rescue operation by fire brigade has ended and the case has been handed over to police.
( With inputs from ANI )