The mishap occurred when the renovation of the structure was underway at Suleman Chowk here, they said, adding that out of six persons who got trapped under the debris, two died on the spot while four others were pulled out by fire department personnel.
The deceased were identified as Faim Ahmed (20), who hailed from Mumbai, and Wahab Quereshi (22), police said.
The injured have been admitted to the civil hospital.
Police said a major tragedy was averted as many workers were away from the spot for lunch.