Nearly 48 hours after the mishap, locals spotted the body of Ramesh Walanju at the edge of the water body in the morning and informed Dharavi police, a senior police official said.
The body was sent to Sion Hospital where it was identified after proper verification, he said.
Shiv Sena president Uddhav Thackeray today visited Walanju's home and expressed his condolences.
Walanju, a resident of Jaffer Baba colony, a slum pocket behind Bandra fort, had jumped into sea to save Tarannum Ansari (18) and her two friends - Anjum Khan (19) and Kasuri Khan (19) - who all had slipped off a rock jutting in sea while clicking selfie on Saturday.
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Fire brigade officials, professional divers, two rescue boats of Mumbai Police and a helicopter of Indian Coast Guard had carried out search operations till Saturday night but could not trace either Walanju or Tarannum, police had said.
The officer added that search for Tarannum is still on.
Dharavi police have made a diary entry as Walanju's body was found in their jurisdiction.
The body will be soon handed over to his family members for last rites.
Uddhav Thackeray met the family members of the deceased and assured all possible help to them.
Walanju is survived by his wife, two daughters and a three-year-old son.
Samajwadi Party leader Abu Asim Azmi also visited Walanju's house and consoled the family.
Talking to reporters later, Azmi said, "I offered some financial support to the hapless family and also assured them that he would seek help from the state government for them in some other ways, like bearing children's educational expenses and offering a job to Walanju's wife."
On Sunday, BJP Mumbai unit president Ashish Shelar had met Walanju's family and reportedly assured to provide all possible help to the family.