"Our disaster management cell received a call at 8.40 am about the collapse. We immediately rushed fire brigade personnel to the site to rescue the trapped people. We fear that several people are trapped under the debris," a senior Municipal Corporation of Greater Mumbai (MCGM) official said.
He said the exact number of people staying in the building and those trapped cannot be confirmed immediately.
Search and rescue operations are underway with the help of local residents.
The incident occurred two days after the city received torrential rains, which is suspected to have damaged the building.
A Mumbai Police official said the area near the building has been cordoned off.
The fire department personnel and medical staff have reached the spot, he added.
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