Located in Panaji, the Mahalaxmi temple was the first Hindu temple allowed to be built by the Portuguese in Goa after around 300 years. In 1818 the Portuguese authorities gave consent and approved its construction. It was renovated in the year 1983. The deity of the temple originally came from the village of Taleigao and was moved to Bicholim in the 16th century. Fearing the security and safety, the deity was kept in the Mhamai Kamat house. It was then shifted to Mayem in Bicholim till 1817. After permission of the liberal Portuguese governor the temple was built and the image was finally brought to Panaji.

The Mahalaxmi temple enshrines the deity of Mahalaxmi, the Goddess of wealth.The deity considered a peaceful form of the goddess and wears a linga on her head and is made of black stone with four hands. The main festivals at this temple are Navaratri and Chaitra Purnima.In February also a big fair is held that draws a large number of devotees.