"The death toll in the collapse has risen to 11," a civic official told PTI, adding many more were believed to be trapped under the debris.
Four of the deceased have been identified as Lakhoji Devji Chawda (60), Jamuna Chawda (30) Anil Chawda (19) and Santosh (44).
The injured have been admitted to the state-run JJ Hospital and Nair Hospital.
Around 21 families, which were BMC's tenants, lived in the 30-year-old structure.
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The building is located on the Brahmadev Khot Marg near Babu Genu market in the Mazgaon area, which is close to the Dockyard Road railway station on the harbour railway line.
Anish Kadam (10), Diptesh Kadam (16), Habib Shaikh (22), Tauqeer Shaikh (22), Haroon Shaikh (24) and Ajay Chendvankar (40) were among those rescued.
D S Patil, a fire brigade official, was injured during rescue operation.
Meanwhile, Maharashtra Chief Minister Prithviraj Chavan held a meeting of senior officials and asked them to ensure effective relief and rescue operation.