This temple was built in 1794 and is similar in its architectural design to the nearby Trimbakeshwar Temple. The temple is 70 feet in height and was the brainchild of Gopikabai Peshwa.

It was built with black stone from the mines of Ramsej Hill. There is a beautiful gold-plated copper peak on the temple. There are icons of Rama, Sita and Laxman lavishly adorned with adornments. The temple is surrounded by several smaller temples such as the Vithal Temple, Ganapati Temple and Maruti Temple.