According to the BrihanMumbai Municipal Corporation (BMC) Disaster Control, the fire was noticed around 12.20 p.m. on the third floor of Churchill Chambers, behind the iconic Hotel Taj Mahal in Colaba area.
Teams of fire brigade rushed to the spot and started fire-fighting operations. At least 14 residents, who were trapped, were rescued using fire-ladders and brought down safely.
One person, Shyam Ayyar, 54, who was injured critically, was declared dead at the GT Hospital.
Another seriously injured 50-year-old man, Yusuf Poonamwala, has been admitted to Bombay Hospital for treatment.
The police have cordoned off the busy Mereweather Road after the blaze triggered panic among the locals and tourists.