The victim identified as Veena Ganika, a resident of Triveni Nagar, was on her way to work at about 7.30 AM when a part of the 50 ft high compound wall collapsed burying her on the spot at the road side, they said.
The 14-storeyed building is coming up near the old RTO office here where the mishap took place.
According to locals, firemen and rescue team reached the spot only after two hours of the incident.
Police is likely to register a case of culpable homicide not amounting to murder against the builder in question, he said adding further probe is on.
City Mayor Rajendra Devlekar, who took a serious view of the mishap, directed the civic administration to carry out an investigation into the collapse and initiate action against those responsible.