No, it is not. In such a sentence you can either use “both” or “as well as”. You cannot include the two in the same sentence. You can say, “Both Rahul and Peter live in Hosur” or “Rahul, as well as Peter, lives in Hosur”. Notice that in the second case, the verb is “lives” and not “live”. When you use “as well as” the verb that follows usually agrees with the noun that precedes “as well as” — especially when “as well as” is separated by commas.
*The teacher, as well as the students, is going to Chennai.
*The students, as well as the teacher, are going to Chennai.