Premchand Roychand, a successful broker who founded the Bombay Stock Exchange, financed the entire cost of construction that was Rs 200,000 - a substantial amount in those days. The clock tower owes its name to Rajabai - mother of the generous broker who was blind and a staunch follower of Jainism. Thanks to the bell of this tower, she didn't require anyone's help to know the time and she could herself take her dinner before evening, on the word of her religion.

Presenting a fusion of Venetian and Gothic styles of architecture, Rajabai Tower is constructed out of Kurla stone - the locally available buff colored stone. In the earlier times, it played the tunes of 'Rule Britannia', 'God Save the King' and 'A Handel Symphony', amongst the sixteen tunes that changed four times a day. However, the glockenspiel repertoire currently plays only 'Big Ben', after every fifteen minutes.

The tower has a spiral staircase, but is closed to the visitors due to some sad incidents. Rajabai Tower houses the library of the University, which has some of the brilliant stained glass windows in Asia. Recently treated by the British conservationists, these exquisite windows have been reinstated with their grandeur. In a nutshell, Rajabai Tower is a spectacular structure that is a standing testimony to the transformation of the Mumbai as well as India, and is worth visiting.