The accident occurred inside the 22-storey Iqbal Heights building near YMCA ground in Nagpada area of the city.
Hafiz was learning to drive the car on the second floor of the building with Javed, who was in his 30s, by his side, police said.
The car hit the door of the lift, smashing it. As the lift was at the third floor then, the car fell down the empty shaft and the elevator crashed onto it, killing both on the spot, police said.