Yes, Taj is very central. and in a very nice leafy part of Delhi which can be a pleasant oasis in a bustling city. Nicer spa and pool area too. And significantly better F&B options that are some of the best in the city. (Varq and Wasabi are two favorites of mine.)
le Meridien is also in the central business district albeit a much busier bustling area (Connaught place).
Taj Palace and Maurya are next to each other in the diplomatic area. Closer to the airport though.