The building, which was over 90 years old, was under repair when it caved in at around 2 pm, the official said.
"Four persons died on the spot, while one succumbed to his injuries during treatment," Chief Fire Officer Prabhat Rahangdale said.
Four tenants resided in the building that also housed a few shops and a beer bar, which was closed when the incident took place, another officer said.
The injured persons are undergoing treatment at the city-based J J Hospital and Nayar Hospital.
Local MLA Amin Patel, who visited the spot, said an inquiry should be conducted into the incident.
"Keeping the safety of people in mind, a nearby building has been evacuated and the residents are being shifted to a transit camp," Patel said.
Meanwhile, state BJP spokesperson Atul Shah alleged that there are over 500 illegal structures that have come up in the area.
When contacted, police said an inquiry into the matter was on, but no FIR has been registered against anyone in this connection so far.
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