[1][2] Padmalaya is a portmanteau word blending "Padmasya" and "Alaya", means "Home of Lotus" in Sanskrit.

The name is derived from a large lotus pond that is believed to have existed adjacent to a local temple dedicated to Ganesha.

[1] A pond named Bhimkund located few kilometres south of this temple is also a tourist attraction.

[citation needed] Legend states that Bhima had a battle with rakshasa Bakasura and killed him.

After the fight Bhim was thirsty, so he slammed his feet on the ground to form a small pond.