 Shrimant Nanasaheb Peshwa gave it a poetic name, “The Sarasbaug ”.In 1784, Shrimant Sawai Madhavrao Peshwa built a small temple in Sarasbaug and installed the idol of Shree Siddhivinayak Gajanan, the God he worshiped.Sarasbaug has now become a place of worship for people from all over the world and also a popular hang-out for "Punekars".