The hotel is indeed still there and will be for at least a while longer.

I'm not sure what is the current state of a problem the hotel was facing (which went something like this): long-term lease for the land on which the hotel sits had expired and negotiations over what the government would do to re-lease the land seemed to be running on two conflicting tracks, only one of which was going to give the Taj group the best chance to continue operating there. While that was happening, there was doubt whether or not the hotel would still be there as a Taj hotel.

This is a rather fascinating case of a governmental turf war over prime real estate, as there was a bit of a tussle amongst Home, Urban Development and the New Delhi Municipal Council about what should go on with this hotel, property and plant. It has lead to some interesting plays, and probably some so-called chai.

Either way, I expect that this will continue to be a hotel for years to come, whether or not the hotel stays a Taj.