The original temple was built by the 7th century Badami Chalukya kings, who worshipped goddess Banashankari as their tutelary deity.

The temple celebrates its annual festival called Banashankari jatre, in the months of January or February.

Banshakhari is a form of Maa Shakambhari Devi whose real, main and ancient temple is located in Saharanpur District in Uttar Pradesh.

Banshankari or Vanashankari is made up of two Sanskrit words: vana ("forest") and Shankari ("the consort of Shiva, Parvati").

Locals also call the temple goddess as Balavva, Banadavva, Sunkavva, Shiravanthi, Chowdamma and Vanadurge.

[2][3][4] It is also said that the original temple was in existence even before the reign of the Chalukyas who gave royal favour to the beliefs of the Vaishnava, Shaivaite, Jain and Shakta religious orders.

Another inscription in Kannada language on a pillar located on the northern side of the temple dated to 1019 AD, describes the bravery of the Rashtrakuta king Bhimadeva.

The Deepa Stambas (lamp pillar) are seen at the entrance to the temple; the construction of these, as per an inscription, are ascribed to the warrior Ketimayya.

The goddess has eight arms and holds a trishul (trident), damaru (hand drum), kapaalpatra (skull cup), ghanta (war bell), Vedic scriptures, khadga-kheta (sword and shield) and severed head of demon.

[12] Lamp towers (Deepa stambhas) are seen in the foreground of the temple on the west bank of the pond and also at the entrance.

Answering the prayers of the Devas (demi-gods) who appealed to God through a sacrifice to protect them from Durgamasura, the Lord directed the goddess Shakambari to help the people.

No past data is traceable confirming the beginning of such a festival, but it is inferred that it was started some two hundred years back.

Pilgrims from across Karnataka and also the neighboring state of Maharashtra belonging to different religious beliefs, congregate here in large numbers to celebrate the festival.

Cultural programmes (music, drama and circus) are held to entertain the largely rural community who flock the venue to not only worship their favorite deity but also for fun and frolic.

[14] The Rath Yatra or chariot festival of the goddess held every year starts on the full moon day of the Hindu month Pausha (January) in which the temple goddess Parvati is taken in the chariot (a movable shrine) in a procession along the streets of the Cholachagudd village from the temple gate to Padhkatte, another nearby sculpture.

The chariot appears like a mini temple or shrine as it invariably has figurines of gods and goddesses carved on it.