Chief Minister J Jayalalithaa also announced a relief of Rs 50,000 to one person who was injured in the mishap yesterday and undergoing medical treatment.
In a statement, she expressed her sympathies with the families of the deceased Soundar and Subramani.
The assistance was sanctioned from the Chief Minister's Public Relief Fund.
Jayalalithaa also granted a compensation of Rs one lakh to the family of a city-based fisherman, who drowned in the sea off the city after slipping while fishing recently.