Deputy Commissioner of Police (Outer) Sameer Sharma said that the FIR has been registered under sections 304 (Punishment for culpable homicide not amounting to murder), 308 (Attempt to commit culpable homicide), 120 (Concealing design to commit offence punishable with imprisonment) and 34 (Acts done by several persons in furtherance of common intention) of the Indian Penal Code.
Most of the people were present on the second floor of the four-storey building when the blaze erupted on Friday evening.
The fire first broke out on the first floor which housed a CCTV and router manufacturing company.
The police have arrested the owners of that company, identified as Harish Goel and Varun Goel and their antecedents are being examined, the senior police official said.
Meanwhile, the owner of the building, identified as Manish Lakra who resided on the top floor, has gone absconding.
It is yet to be learnt whether he was present in the building at the time of the incident.
"His whereabouts are still unknown," the official said, adding searches are on to nab him.
Besides the 27 victims, 12 persons have sustained burn injuries.
As per latest reports, NDRF teams are still conducting a search operation at the site.