The vehicle carrying, nine persons including children was going towards Noida, when one of its tyres got detached and the driver lost control, near a private university, they said.
The car then overturned and fell down on the service road after breaking the highway barriers.
The victims have been identified as Samir (12) and Sahnaz (8).
The injured were rushed to Kailash Hospital where two of them were declared brought dead.
The victims' parents, identified as Bhure and Mufisa and three other children were among the injured.