History of this shrine commences with the period of Sri Sripal Raja, well known for his devotion and invocation of Nav-Pad Mantra. At some time in the past, this place may have been a part of Soparak which later may have attained as the city of Nalasopara. Bitten by a snake, the only beautiful daughter of Raja Gunwant of Soparak city Tilaksundari whom Raja Shripalji later married, was saved here from death by Raja Shripalji as a result of the power of the mantra of Nav-pad. Once upon a time this must have been very prosperous and affluent indeed.The idol of the Presiding Deity Sri Munisuvratswami Bhagwan which had manifested itself here in the Nala-Sopara lake belongs to remote past. It was ceremonially installed once again in the newly constructed temple here on Falgun Krishna 2 in Vikram year 1892.It is said that a ship belonging to Sri Motisha Sheth was once trapped in a deadly sea-storm and then he vowed solemnly to build a Jain temple at the spot where the ship would reach in safety after saving itself from disaster. As fate would have it, the ship reached here and Motishah Sheth in fulfillment of his vow, building this magnificent temple, ceremonially got installed therein this majestic idol (which had manifested itself in the nearby Nala-Sopara lake) amidst scenes of great excitement, enthusiasm and joy.At present there is no other temple nearby, In this very temple, there are two more ancient idols, one of Sri SuParshwanath and the other of Sri Neminath Bhagwan. All idols installed in the temple are ancient and worth seeing for their artistry. The lake of Nala-Sopara too is considered to be of great significance from the point of view of archeology.