According to Bodakdev Station Fire Officer M P Mistry, the incident took place around 11 AM in Ranip area of the city where part of 'Rupal Apartment' crashed.
Mistry said that a 65-year-old woman was rescued from the debris after an hour-long operation while two women had already been rescued before fire fighters reached the spot.
The elderly woman has been admitted to the civil hospital.
"We are assuming that the renovation work being undertaken on the ground floor of the apartment may be of sub-standard quality, which might have affected the base of the building, resulting in its collapse," Mistry said.
Seven resuce teams are involved in rescue operations, which are almost complete, he added.