As civic authorities described the rainfall in the country's financial capital as "unprecedented", they said 283 mm of rain, which is normally received in 10 days, was witnessed in just 24 hours.
Mithi river is around the danger mark, according to Yuva Sena Chief Aditya Thackeray.
Educational institutions were shut and government and private offices reported thin attendance. The Bombay High Court and other courts were also shut.
"Of the total annual average rainfall Mumbai witnesses, 10 percent of it has been received in 24 hours, which usually takes 10 days," he added.
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There seems to be no let up in the situation with the Meteorological Department predicting heavy to very heavy rainfall in the next 24 hours.
According to an official of Brihanmumbai Municipal Corporation (BMC) disaster management unit, a five-year-old boy and a 60-year-old woman died of electrocution in Wadala in central Mumbai.
There was also massive disruption of vehicular traffic with waist-high waterlogging being reported in several ares. The rainwater also entered several homes.
Mehta said today's high tide witnessed in the city was of more than 3 metres high and Mumbai is likely to witness high tides of more than 4 metrEs, one at about 2 AM and another at about 3:10 PM tomorrow.
The rains caused water-logging in almost all low-lying areas of Mumbai and its suburbs including Kurla, Chembur, Tilak Nagar, Andheri, Parel, Lower Parel, Thane, Navi Mumbai and Dombivili.
The heavy rains also forced Shiv Sena to cancel its foundation day event.
While Central Railway services still remain cancelled, the Western Railway has partially resumed services on a limited stretch between Andheri and Virar.
Chief Minister Devendra Fadnavis appealed to people to venture out only if required and asked them to stay away from seafronts during high tide slots as it can prove "fatal".
After taking stock of the situation at BMC disaster management cell, he also suggested to the public to refer to advisories being issued by the civic body on an hourly-basis before leaving home.
Narrating his ordeal, Nalasopara resident Atul Panday, an executive working with Alkem Laboratories said, "Normally, it takes me 50 minutes to reach Andheri from Nalasopara, but today it took around two hours.