Modakeshwar Temple houses the idol of Ganapati. The idol has the original shape of a `modak`, hence the name Modakeshwar. According to legends, modaks could be found in the temple. Temple owner Vilas Kshemkalyani`s ancestor Keshavrao Kshemkalyani dreamt of a Ganapati in this particular place of the now erected Modakeshwar temple. When he came to the site, he really did find a `swayambhu` Ganapati.

Since then his family has been looking after the idol. The Nasikites have immense faith in the idol`s divinity, as it is known to answer their prayers. Ganesh festival is a gala festival here on all ten days in Bhadrapada. The Modakeshwar temple has rendered holiness to this area which otherwise looks quite ghastly in lieu of the cemetery and a long stretch of ground along the riverbank. But, in the present times the locality is bustling with activities.