I found this hotel throught the tourist information office in the domestic airport, I gave them a rough budget and I got the Cruz Royale.

I think that this hotel is a good base in Mumbai. I didnt shop too much in the area, there is a taxi stand directly outside (HAGGLE) and a lot of banks, though be careful of which ones you use some do not seem to take foreign cards even though they say they do. It is in quite a heavy traffic area but the noise didnt affect me that much. (the aircon was much louder)

Honestly the food is awful, and somewhat overpriced. Though I have to admit my penchance for northern Indian/ Punjabi food may of made me fussier, it was inpalatable, especially the fruit shakes. But most good restaurants are only between a 30-70 dollar rickshaw away. I do think that perhaps colaba may be better for sightseeing, but I loved the fact it was near to the nightlife (not next to but close enough). The hotel looks rough from the outside but my room was... more