This temple is located next to Sthaneshwar Mahadev Temple. It's the most exclusive temple in the city as it's built around a banyan tree, which belongs to pre-Mahabharata period. A big opening in the ceiling allows the branches of the trees to pass through while a round concrete wall around the bottom prevents roots from expanding that is must to keep the temple structure intact.

Nav translates to nine and graha to celestial bodies. Hindu astrology believes that 9 planetary deities play a vital role in deciding the fortune of a human. These 9 heavenly bodies are surya (sun), chandra (moon), mangala (mars), budha (mercury), brihaspati (jupiter), shukra (venus), shani (saturn), rahu (north lunar node) and ketu (south lunar node). Hence, there is a shrine dedicated to Navgraha inside the temple. Goddess Bhadrakali is also worshipped here.
Legends say that during the era of universe creation, Lord Brahma created brahmans, kshatriyas, vaishyas and shudras from this banyan tree. According to Vaman Puran, just a glimpse of this banyan tree and the lingam washes humans of all their sins, and when you touch the banyan tree it liberates your soul.