Over 32 people have been injured in the accident.
Many are still feared to be trapped under the debris of the building.
Rescue operations are currently underway, an official said.
The injured people were taken to hospital.
According to reports, the Brihanmumbai Municipal Corporation (BMC)-owned residential building at Dockyard Road collapsed at around 6 am on Friday.
Fire engines and ambulances were rushed to the spot soon after the accident.
Local residents told media persons that the building was over 30 years old and authorities were aware that it required urgent repairs.
--IBNS (Posted on 28-09-2013)