The school functioned on the ground floor of the Hussaini building located at Pakmodia Street in the Bhendi Bazaar area here.
The structure collapsed just about 20 minutes before the playschool was to start at 9 am, the father of a two-year-old playschool-goer said.
The Mumbai resident was taking his child to the playschool -- meant for pre-schoolers-- when he saw the building crumble.
"I came down from my house, located opposite Hussaini Building, to drop my child to the playgroup when we saw the structure come crashing down like a pack of cards," he said.
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A fire brigade official said the children had a narrow escape.
"A major tragedy was averted," the official said.
The incident occurred two days after the city was pummelled by torrential rains, which may have caused damage to the building.
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