Wherever there's a tourist attraction in India, there'll be people trying to sell you some king of souvenirs from stalls. Elephanta Island has its fair share of stalls as it's an extremely popular tourist destination. The stalls line both sides of the steps that take you up from the jetty to the cave entrance where the ticket counter is located and so they have an ideal opportunity to catch passing trade. I don't have any problem with this and they don't hassle you at all. Some of the stuff they sell looks pretty good but I didn't have enough space for any more souvenirs in my backpack!
"Hello madam, Photo!!!" This is the only English the lady with the pot of water placed on her head knows for foreign tourists to take a picture of her dressed in the traditional Maharashtrian saree!!! Not to be confused with this Italian madam (pollon@VT aka Chiara) who had her photo taken in front of the Nataraja Shiva doing the cosmic dance in the creation of the universe!!! HAHAHA!!!
Unique Suggestions: If at all you want to take a picture of the lady with the water pot then agree on the price for the picture beforehand and only then take it!!! Don't give more than Rs5 for a few pictures!!!
Fun Alternatives: Or else take it quickly and quietly when someone else falls for the trap!!! HAHAHA!!!
As you get down from the boat in Elephanta Island you have the chance to take a little train that gets you to the base of the stairs. Don't take it: it's very cheap (6 Rs) but it only goes for 200 metres (2 minutes), you can do that distance in a short walk, and is just a tourist trap...