The pond was constructed during the reign of King Pratap Malla in 1727 B.S, in memory of his son Chackrawotendra, using water from various pilgrim places like Badrinath, Kedarnath, Gosaikunda, Muktinath, and Kaligandaki and so much other places. It was a token of consolation to his wife, drowned in sorrow of their son’s death. In the south of the pond, there is a statue of Pratap Malla and his family riding in a White Elephant. There is some mysterious story of Kichkanya (female ghost in man-faced with reverse legs) with Pratap Malla linked with Ranipokhari.
The pond is fenced with iron bars and opened once a year during Bhaitika, the fifth and final day of Tihar.