The incident took place in Shrikrishna Nagar in South city area around 1.30 am.
Assailant Ankwar Khan, who was in love with the daughter of the deceased professor, Yogesh Dakhode shot him point blank with a pistol.
Later, he also attacked Dakhode's wife Kusum with a knife. She was rushed to a nearby private hospital, they said.
According to police, Khan, who is a mechanic, was turned down as a suitor by the professor's family as their daughter was highly qualified.
Following this, he decided to eliminate her father whom he thought was a stumbling block in their marriage.
Khan has been arrested and offences under relevant section of IPC were registered against him, police added.