The fire broke out on the third floor of the building and spread to the fourth floor late last night, they added.
According to an official from the Delhi Fire Services, a call was received at 2.27 am about the blaze.
Three fire-tenders rushed to the spot and the fire was doused by 3.30 am, the official said.
The man, identified as Satpal, who was a property dealer, was staying on rent with his family on the fourth floor of the building.
After the fire was doused, the firemen found Satpal, his wife Jaishree (48), Himanshi (17) and Pooja (16) lying in their home in an unconscious condition, they added.
They were taken to Jag Pravesh Chandra Hospital where Satpal was declared brought dead, while his wife and children are undergoing treatment for minor burn injuries. They are out of danger, the police said.
The police said that the cause of the fire is yet to be ascertained. Some household items on the third floor caught fire, they said.
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