Try the Residency Hotel in the Fort area. We booked through Expedia, it was around £46 per room per night last Christmas. It's not a bad location and the hotel is good value for money. It's clean and the staff are really helpful.

I would agree with KatieP, we have also stopped there and found it very good value for money.I would also recommend Chateau Windsor.

Would also recommend the Chateau Windsor, stayed there 2 years ago.

Review here http://www.holidaytruths.co.uk/reviews/india/mumbai/chateau-windsor-hotel/

definitely recommend Residency Fort, excellent location and value for money.

weve stayed at the residency very good value Also if you like sea food then your in for a treat the famous Mahesh lunch home is just a 2min walk away from there ,there buttered crabs are to die for
also close by is a cafe/bar called samrats which you can just chill out have a few drinks and also food and drink is very good value compared to alot of places in bombay Dont get there pick up just get a pre paid taxi from the airport
have a great time
sharon

staying in Mumbai on our return home in Dec from Goa, have booked 3 nights in the Residency Fort after reading good reports
annx

definitely recommend Residency Fort, Yep deffo agree with everyone its a great hotel in a great spot ....colleen

and they definitely looked after you at the worst of times IC- big thumbs up for them

Yes I agree too. We stayed in the Residency Fort in April. Great value, very clean with helpful staff and also within walking distance of some good restaurants. Mahesh Lunch Home was excellent.

reviews of the hotel here