His lawyer Md Baharul Islam moved Dhaka Senior Special Judges Court seeking bail on health grounds. Judge KM Imrul Kayes accepted the plea after hearing.
Mosharaf Hossain Kajal stood for the Anti-Corruption Commission (ACC).
Twenty-five people were killed and 73 others injured in a devastating fire at the 23-storey building in Banani on March 27.
The authorities had permission for constructing 15-storey building but other floors were constructed illegally. During investigation, the ACC found that the building had no fire alarm. Its exit points were narrow and the fire exits were blocked.
Faruque was arrested from Gulshan on Monday while another owner, Tasvir Ul Islam, also chairman of Quasem Industries Ltd, was arrested from Segunbagicha on Sunday. Tasvir also secured bail until August 29.
The ACC filed two cases against 23 people for their alleged involvement in illegally extending FR Tower beyond the permitted number of floors.
The accused include Liakat Ali Khan Mukul, chairman of Rupayan Housing Estate Ltd, the housing company that extended the building illegally; Muhammd Shawkat Ali, member of Bangladesh Council of Scientific and Industrial Research (BCSIR); Syed Nazmul Huda, sub-divisional engineer of Public Works Department (PWD); and Shamsur Rahman, executive engineer of PWD.