The Rajabai Clock Tower was designed by Sir George Gilbert Scott, an English architect. He modeled it on Big Ben in London.The foundation stone was laid on 1 March 1869 and construction was completed in November 1878. The total cost of construction came to ₹550,000, a large amount of money for the time period. A portion of the total cost of construction was donated by Premchand Roychand, a prosperous broker who founded the Bombay Stock Exchange on the condition that the tower be named after his mother Rajabai.