That's pretty close to Old Delhi. If I had 4 hours to kill in Delhi this is what I would do: I would do lunch at Karim's Hotel in the heart of Old Delhi. Take a taxi there. Google for the address and show to driver just in case. The restaurant itself is interesting subject matter in itself. After lunch just walk out into the streets and wander for a few hours. The neighborhood is absolutely teeming with traditional life. Have fun. I will actually be there myself in two weeks.