Beside King Bhupatindra Malla's column and directly in front of the Royal Palace, this stone temple was built by King Jagat Prakash Malla in either 1672 or 1727 (depending on which inscriptions you trust) in the Indian shikhara style, but it was completely destroyed in the 2015 earthquake.
Beside the temple is an ornate sunken hiti containing a fine stone dhara in the form of a makara, topped by a crocodile and a frog.
