In the night-long rescue operation, six including a five-year-old male child were rescued from the collapsed building with four of them being admitted to Coimbatore Medical College Hospital.
A 65-year-old woman, who was trapped under a staircase of the building, was rescued.
The building, located in Indira Nagar locality, is 25 years old and in a dilapidated condition, sources said.
The police have arrested two persons, including a BBMP Executive Engineer, in connection with the incident.
The building, which was almost complete, was being painted and Sadanand was making furniture for one of the houses in the building.
The Brihanmumbai Municipal Corporation (BMC) Mayor on Thursday blamed the Maharashtra Housing and Area Development Authority (MHADA) for the collapse of the Bhendi Bazaar building.
A resident of the ill-fated building claimed that some commercial activity was being carried out on the ground floor of the building and that might be the reason of its collapse.