No, the square is fictional. However the layout of the square in the film is typical of several such localities in West London.
The thugs (from Hindi thag, whence the English word 'thug') were groups of criminals who robbed and killed travellers in India, most typically by strangulation. They appear to have originated in in the medieval period, and over time some groups grew to be more organised. Some thugs were simple criminals, whereas are thought to have their killings a religious duty to the Hindu goddess Kali. As the British consolidated their rule in India in the early 19th century they suppressed the movement, which had disappeared by the end of the century.
