This has been, according to some references available, a place of religious austerities for Jain saints since 3rd century A.D. They also state that several times donations and presents were made to this temple by rulers of Chola dynasty such as Rajraj Chola, Rajendra Chola etc., Lands etc., were donated to this temple according to them even by rulers of Vijaynagar empire such as Sri Krishnadevrai , and Ramdev Maharai and others. They say that this area remained very prosperous and affluent upto 13th century. Because of its being a place for austerities by numerous Jain saints, it is described in scriptures by the name of Munigiri which only later became changed into Karande. The place is of great significance also for this reason. It has been a touring area for Acharya Sri Akalanka Muni who happened to live during 6th century A.D. It is said that in a great religious debate with Buddhist saints took place in a village by the name of Aravaltangi 6.5 Kms from here, Acharya Akalank Muni came out brilliantly victorious. Another reference states that the debate took place in this very temple. As a commemoration of the event, an idol of this Acharya Sri has been installed in the hall of Goddess Ambika’s temple erected in the courtyard here.Every year during Falgun Sukla 7 to Chaturdasi a festival is held here. Besides this annual fair, a festival for three days is also organized when empty large drums of oil are bound together, a throne is erected thereon and designing out of these a chariot-like structure of wood, it is being profusely decorated. In it are installed idols of God Dharanendra and Goddess Padmavati and they are taken round the pond in a big procession accompanied with music bands. The festival is called “Teppotsava” and is really worth seeing.In the court yard of this temple, at present there are other temples of Sri Mahavir Bhagwan, Sri Parshwanath Bhagwan, Sri Adhinath Bhagwan, and Goddess Sri Ambika. In the village known as Tiruppanpur inhabited on the opposite side of the pond there is one more temple in which there is a very large library known as :Dharmasagar Granthalaya” containing thousands of manuscripts volumes written in numerous languages and scripts. There are also many volumes written on palm-leaves. All these are very well preserved.The art displayed in making idol by this place is indeed attractive. Such a beautiful idol of Sri Kunthunath Bhagwan can rarely be found anywhere else.