The two persons, identified as Mukund and Betwa, were working at the STP in sector 54 when they fell into the pond, a police official said.
V P Singh, the Station House Officer of the Sector 24 police station, said they died before they could be pulled out.
He said prima facie it appeared to be an accident, though a probe is underway.
The contractor has extended a financial compensation of Rs 10 lakh for their families.
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