The British colonial government established Mumbai University in 1857. It was gifts from Indian merchants that funded much of the construction, including this clock tower and library building, which was paid for by Premchand Roychand. The building also contains administrative offices.
The Rajabai Clock Tower was designed in Venetian and Gothic architecture, and was modeled based on the Big Ben. It's construction was started less than 10 years after the completion of the Big Ben and is only slightly shorter than the Big Ben itself.
At the time of its completion in 1878, it was the tallest structure in Mumbai.
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