The fire, which started at the 12th floor of the 26-storey building, has now been doused, the deputy chief of the Mumbai fire department said.
He said that people who were trapped have been shifted to the top floor. He also said that those on the 14th and the 15th floor have been evacuated. (See pics)
Local Congress leader Amin Patel said there are no casualties.
When the blaze started this evening, 14 fire engines were rushed to the spot but only one of them was equipped to reach the 12th floor. Four ambulances were also pressed into service.
"We were sitting in the garden at around 7 pm when the fire spread. Few people could come down and then the elevators stopped working. The cylinders that were in the passageway exploded and the fire spread. We called the fire fighters around 7:20 pm and the 1st fire engine arrived around 8:15 pm," said a woman who lives in the building. (Tweets on fire)
"There is only one exit and smoke in the staircase is preventing the people from coming down," said Viraj, whose mother resides in the building.
Four fire fighters have been injured while trying to douse the fire; they have been moved to a hospital.