According to an announcement, Prime Minister has also approved Rs 50,000 each for those seriously injured in the fire.
Earlier in a tweet, Mr Modi described the fire as “extremely horrific” and wished the injured a “quick recovery”.
Delhi Chief Minister Arvind Kejriwal, who visited the spot, also tweeted stating - “We have lost more than 40 innocent lives to the tragic fire. I have ordered a magisterial inquiry into its cause, no culprit will be spared”.
“We cannot bring back lost lives, but Delhi govt will provide Rs 10 lakh assistance to families that lost their loved ones and Rs one lakh for the injured”.
President Ram Nath Kovind also condoled the death.
Home Minister Amit Shah in a tweet said: “Have instructed concerned authorities to provide all possible assistance on urgent basis”. (UNI)