The victims, students of the Institute of Technology in Pune's Chinchwad, had gone for an outing to the popular beach resort, along with a teacher.
They were swept away in the deep waters by strong currents of the Arabian Sea when they went for swimming Sunday morning.
While the body of Nikhil G. Kale, 25, of Yavatmal, has been recovered, efforts were underway to retrieve the bodies of the other two students - Kushal Satale, 24, of Lonavala and Shweta Watane, 25, of Amravati, the official said.
The Konkan region has been receiving sporadic spells of heavy rains or showers.