The room we ultimately ended up in was very nice. But the first room we were given looked nothing like the photos: there was only one tiny window at floor level and the room was very shabby and outdated. For $550, it seemed like an outrageous bait and switch. I asked for another room (which I had never done before), and lo and behold, a great room was available. But if I hadn't asked, we would have been stuck in a claustrophobic box.
Overall, the price is way too high for what it is. The service is fine but not great. Being in a historic building, there are few working plugs and the plumbing is problematic. The restaurant is only okay. The water they give you is in small plastic bottles, not filtered and sealed in reusable glass bottles like we got in nicer hotels in India.
The location is wonderful, and the view (if you get one) is spectacular. If it were half the price, I wouldn't hestitate to stay there again. But given that you can get a world class room for half that price in other Indian cities, I don't see how they get away with these prices.