The other arrested were two civil contractors and a supplier of manpower for the construction, a police release said.
A case under various IPC sections including 338 (causing grievous hurt by act endangering life or personal safety of others) have been booked against the four, police added.
The victims were workers from Assam and Orissa and a preliminary probe has revealed that those engaged for the project did not have any experience or exposure to such work, the release said.
As for the Institution management, they had not obtained proper permission for taking up the Rs two crore project, it said.
The investigation also revealed that the process of constructing the building was also flawed, with no adequate time provided for the curing of the wall, and the materials used were of inferior quality, police said.
The mishap occurred on Monday when the workers were involved in the construction of an auditorium in the institution located in Kunnam in Kancheepuram district.