This important precinct contains a swag of cultural institutions, a handful of galleries and some of Mumbai's most impressive colonial architecture. In a bid to conserve the area's heritage and make use of it's considerable exhibition space, local busineses, conservation groups and art gallery owners have formed the Kala Ghoda Association.

It is named after a bronze statue of king Edward VII astride a black horse (kala ghoda). The group is pressing for the area to be declared an arts and heritage district- concept that includes plans to extend the Kala Ghoda festival, first held in 1999, into an annual festival of the arts each February. The festival, a celebration of regional arts and crafts, is held every Sunday between Nov-Jan.