The tower is part of The Victorian and Art Deco Ensemble of Mumbai, which was added to the list of World Heritage Sites in 2018.

A portion of the total cost of construction was donated by Premchand Roychand Jain, a wealthy broker who founded the Bombay Stock Exchange on the condition that the tower be named after his mother Rajabai.

[3] Premchand Roychand's mother was blind and as a staunch follower of Jain religion, she was supposed to consume her dinner before the evening.

The Tower, over the carriage porch, has a square form up to the gallery at the top of the first level which is at a height of 68 feet (21 m) from the ground.

From October 2013 to 11 May 2015, the tower underwent restoration work under the observation of Anita Garware (Heritage Society), Rajan Welukar (Vice-Chancellor; University of Mumbai) and N Chandrasekar (CEO, Tata Consultancy Services).