Dhanraj Mahal is a huge complex and a lovely garden area in the middle. It is very closely located to Gateway of India in Colaba.
Colaba somewhat like a tourist district. It has the old Bombay feel to it. The Gateway of India, the art deco style Regal theatre, the cafes(Mondegar, Royal and Leopold) all add to it. The southern tip represents Mumbai's version of a cantonment and the only bit of green in this otherwise congested area. The property prices in the past 1 to 2 years have been stable here, most of the properties here are old and hence the secondary real estate market is more prominent here. Colaba besides the Taj Mahal and its bouquet of restaurants has a lot of upmarket resto bars, there is the Indigo, Tendulkars and other classy places to spend your time over the weekends. Bade Miyaan is right behind the Taj and you cannot forget that any ways.