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Two more labourers are feared trapped beneath the rubble, they said.
The incident occurred on Friday and it was reported to the Delhi Fire Services (DFS) around 5 30 am.
The deceased has been identified as Santosh Kumar Yadav, 19, the Delhi Fire Services officials said and added that his body was recovered around 6 10 am on Saturday.
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The operation to rescue the other two labourers is underway, the officials added.
Personnel of the National Disaster Response Force, the Delhi Disaster Management Authority and civic agencies are carrying out the operation, they said.
Cranes are being used to remove debris while water is being pumped out of the foundation pit to recover the remaining bodies, the officials said.