According to the Gopalraj genealogy, the Narayan idol was built by King Haridatta Burma as a symbol of his wish for victory. Also, this temple was established by Haridatta Burma in 320 BC. One of the inscriptions here is an ancient temple built long before 1257 BC. On the day of Haribodhani Ekadashi, when the four Narayans are circumambulated, the devotees also circumambulate these Narayans. A fair is also held here in the month of October. King Haridatta Burma of the Lichhavi period established four Narayan Changunarayanas, Ichangunarayanas, Bishankhunarayanas and Sheshnarayanas around the 4th century BC and established a tradition of holding fairs throughout the month of Kattik. Like the famous four dhams of India, Badri, Jagannath, Kedarkanath and Rameshwar Dham, it seems that the four Narayanas were established. According to King Pran Malla, when the floods came due to heavy rains and these Narayans were disappearing, Sivananda Rajopadhyaya, a Sahasra of Indra Chowk, found them in Bishnumati and established them in the former front and also performed his Diwali here. It is said that his descendants are still the priests of this temple.

As the temple is situated at the foot of a hill, it is full of natural resources.