Over 32 people have been injured in the accident.
"Till now we have pulled out 28 dead bodies. Around 32 people have been rescued," said a National Disaster Response Force (NDRF) official.
Around 20 more people are still feared to be trapped under the debris of the building.
Rescue operations are currently underway, an official said.
The Mumbai Police on Saturday arrested a person in connection to Friday's building collapse.
One 'Mamamiyan Decorator' was arrested for allegedly altering the construction on the ground floor of the building and using it as a godown.
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)