According to Indian mythology, the legendary Shatashrunga Mountain in the Himalayas was the abode of Brahma, just as Mount Kailasa was to Shiva. Shatashrunga had two crore (koti) teerthas (pilgrimages). Garuda, the mythical bird, once lifted and flew with the mountain. When Lord Brahma realized this, he forced Garuda to place it down to earth. Garuda relieved itself of the weight by placing the mountain partially in the ocean. In doing so, one crore teerthas got immersed in the water while the remaining kotiteertha is on land at Gokarna. Some devotees prefer to take a dip in this pond before proceeding to visit the temples.

About six acres in area, the rectangular Kotiteertha is flanked by colourful temples, monasteries and residences on narrow lanes around it. Taller than the buildings, leaves of coconut and other trees touch the blue sky and provide a green hue to the pond. From three sides of its walled periphery, you could climb down to the water level where Hindu priests and monks sitting on a platform under a shed conduct rituals. On the shorter western end, a few lotus leaves decorate the water body. When the sand remains settled, you could see the long lotus stems in the clear lake. The centre of the holy pond hosts a small Shiva lingam and a tall lamp post to illuminate the evenings. Kotiteertha is also used for immersion of idols.