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Bhavani Mata Mandir and Palkhi Vithoba Mandir are the best tourist attraction of Bhavani Peth. It is named after the Goddess Bhavani whose temple is in which was set up in 1763. In olden days there were many "bore" trees in this area, thus it was also known as 'Borevan'. In the era of Peshwa's, 'Sardar Nana Phadanvisan' had given a startup to Business in Bhavani Peth. He allowed many businessmen to keep their storages in this area, and later this part of city turned in to another big business place. Further they built the temple of 'Bhavani Mata' due to which it is named as Bhavani Peth. Today it has a large timber, hardware and steel market. Some of the famous places over here are Shri Bhavani Mata Mandir and Timbar market.

(Taken from http://www.punediary.com/html/peths.html)