NDMC officials said the owner of the building has been asked to finish the work within the new deadline.
"A certified structural engineer has given us a plan on the owner's behalf on how they will proceed to correct the situation. They asked for three weeks time but we have given them one week", said O P Mishra, Director (Project and Welfare), NDMC.
This is the second extension given to the owner by the civic agency.
Following the collapse, the second floor of the building caved in while the ground floor, which houses a Bank of India branch, developed some cracks.
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The NDMC had then declared it "dangerous" and gave a notice to owner Manju Madan directing him to secure the building by removing the structural defects within seven days or face demolition.
"We will see the progress and, if need be, we will give them more time or else we will take over", Mishra said.