It took 30 fire tenders seven hours to control the blaze.
On getting a call of help from a relative of one of the people trapped, seven fire tenders were rushed at around 6.20am.
The fire was upgraded to "medium serious" and then "serious" within 40 minutes and 23 more fire engines reached the spot by 7am.
"While we were fire fighting, we were told some people were still inside. We pulled out Jai Bhagwan, Shiv Kumar and Raj Kumar," said the fire official.
Deputed on the 11th floor, 57-year-old Bhagwan was rushed to the RML Hospital but he died of asphyxia. The other two guards escaped unhurt.