The Elphinstone Building is built in the Venetian Gothic style, popular in Mumbai during the late nineteenth century. The style originated in Venice, which was a great maritime and financial power in the Middle Ages, with influences from Byzantine and Islamic architecture. Its maritime origin is reflected in the mooring rope motif used in the decking balustrades.
The old name of Horniman Circle on the Bomanjee Hormarjees Building. The Parsi after whom the building is named, Bomanjee Hormarjees Wadia (d. 1862) was a member of the Bombay Native Education Society and served on the board of Elphinstone Institution. His house was a popular meeting place to exchange gossip, and thus earned the epithet 'Gup House'.