The deceased has been identified as Sudha Sridharan, a BMC official said.
The building, located in Yashwant Nagar near Grand Hyatt Hotel, came down around noon on a chawl, an official in the BMC disaster management cell said.
Seven fire engines, two ambulances and a team of NDRF have been rushed to the spot.
Rescue operations were underway even as some residents are feared trapped under the debris, the official said.
(With agency inputs)