The market is famous for selling mobile and electronics goods and is thronged by visitors especially the youth.
According to Delhi Fire Service, a call was received at around 5 PM following which six fire tenders were rushed to the spot. The flames were completely doused by 5:30 PM and cooling process was underway.
"The fire was in two-three shops situated in a building and it has been brought under control," a DFS official said.
Police said the fire was probably caused by a short circuit, adding, there is no report of any casualty, and the shops have been evacuated.