An ancient temple dedicated to Mahalaxmi is known to have stood on a headland of Malabar hill until it was destroyed by Muslim invaders.

According to a local legend, the Muslims threw an icon of the Goddess into the sea. When the British were constructing the sea wall joining Malabar hill and Worli island at the end of the 18th century, the local Hindu contractor claimed the Goddess appeared to him in a dream and told him that while several previous attempts to built a dike had failed, his construction would be successful if he promised to rebuilt the temple. 

Amazingly, a statue of the Goddess was unearthed during construction of the wall. Upon the wall's completion, the contractor was granted land nearby where he built the temple of Goddess Mahalaxmi which stands today.

Since Mahalaxmi is the Goddess of wealth, the temple is one of the most popular in Mumbai. It is an interesting place to visit and the street approaching the temple is lined with beautiful flower stalls.