The present temple was built in the 17th century, by Baz Bahadur (1638–78 AD), a King of the Chand dynasty, and the Raja of Kumaon.Bhimtal was a stoppage onroute on the old pedestrian road, which connects nearby Kathgodam to all Kumaon region and even to Nepal and Tibet.Near the Bhimeshwar temple is one of the source of river Gargi known as Gola Nadi in the region and originates from Garg Parvat or village Gagar in Nainital District.About 5 km from Bhimtal is the famous group of lakes known as Sattal, which is a place of attraction for nature lovers.There are many government and private institutions in Bhimtal, including Tasar Regional Research Center (Ministry of Textile, Govt.Uttarakhand Graphic Era Parvatiya Vishwavidyalaya (Under the aegis of Graphic Era Educational Society, Dehradun and notified by the Government of Uttarakhand as a private university) started its Kumaun campus in Bhimtal at Sattal Road from the session 2011–12 with B.Tech (in 5 branches of Electronics & Communication, Computer Science, Information Technology, Mechanical and Civil Engineering), MCA and MBA programmes, now known as Bhimtal campus of Graphic Era Hill University.