Speaking to media, Bellevue Clinic CEO Pradip Tondon said "He died at 8.15 a.m."
He was suffering from a kidney-related ailment and was admitted to the clinic in a critical condition on August 7, was critical following the heart attack he suffered on Sunday.
He was associated with the Communist Party of India for most of his life and was an independent in the last decade of his life.
A close associate of Marxist leader Jyoti Basu, Chatterjee was expelled by the CPI(M) in 2008 for "seriously compromising the position of the party" when he refused to step down as the Speaker, a position which he believed was independent and unbiased.
After his party, then under the general secretaryship of Prakash Karat, withdrew support from the UPA government in July 2008, Chatterjee refused to step down from his position holding that the Speaker's post is above any party politics.
Describing July 23, 2008 as "one of the saddest days of my life," Chatterjee had said in a statement that, "The speaker of Lok Sabha, like the speakers of other elected assemblies, while acting as such does not and cannot represent any political party."
It was on his initiative that proceedings of the Zero Hour were telecast live from July 5, 2004.
He served as a Lok Sabha speaker from 2004 to 2009.