Originally named after Arthur Crawford, the first Municipal Commissioner of the city, the market was later renamed to honour Indian social reformer Mahatma Jotirao Phule.

The market is situated opposite the Mumbai Police headquarters, just north of Chhatrapati Shivaji Terminus railway station and west of the J.J. flyover at a busy intersection.

The market was designed by British architect William Emerson, and represented an early effort to blend Victorian Gothic architecture with indigenous elements.

[2] The original design consisted of three doorways at the entrance, each divided with a column, with space for a carved panel depicting everyday life.

The market houses numerous items, from wholesale fruits, vegetables and poultry to clothes, dress materials, toys, jewelry, and even a pet store.