The colony houses the famous Five Gardens named in memory of the Principal Founder Mancherji Joshi, a renowned Parsi.

He was instrumental in facilitating the leasing of plots of land, by Zoroastrians of the day, from the then Municipal governance under the British Raj in India.

The Bombay City Improvement Trust formulated this plan in order to relieve congestion in the centre of the town, following the Mumbai plague epidemics of the 1890s.

Dadar was 6 mi (10 km) away from Crawford Market by the newly constructed Mohammed Ali Road.

Among the institutions which moved here according to the BCIP plan were the VJTI, the Sydenham College of Commerce and Wadia Vachha now known as J.B.Vachha high school for Parsi girls.

The M Joshi Parsi Colony geographically lies in Dadar East, it carries the post code 400014.