Bhavani Peth, in the yesteryears, was known as ‘Borevan’, deriving the name from the mammoth ‘bore’ trees in the area. When the Peshwa rule across the city, this place was turned into a business hub and Sardar Nana Phandanvisan took the responsibility to boost trade and help businesses flourish in this area. As a result, this part of the city turned into another big business arena. In 1763, the temple of ‘Bhavani Mata’ was built and hence, Borevan was renamed to ‘Bhavani Peth’. Today it has a large timber, hardware and steel market.