Nageshwarnath temple has been established by Kush, the son of Ram. Fables state that Kush, the son of lord Ram had lost his armlet, while bathing in the Saryu that was picked up by a Nag-Kanya. The Nag kanya fell in love with him. As she was a follower of Shiva, Kush erected this temple for her. It is previously mentioned that this has been the sole temple to survive until the time of Vikramaditya; the rest of the town had fallen into ruins and was lined by dense forests. It was by means of this temple that King Vikramaditya was able to find the city and the sites of various shrines here. The festival of Shivratri is celebrated here with great elegance and splendor.