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Earlier Rasta Peth was known as 'Shivpuri', it was found in the year 1776. Rasta Peth had been named after the memory of the 'Sardar Anandrao Laxmanrao Raste'. Anandrao constructed a huge building - Raste Wada. It took 9 years to build the building ( Raste Wada ). King Edward Memorial ( K.E.M) Hospital and Maharashtra State Electricity Board (M.S.E.B) is located in this area. Shiral Sheth chowk and Shiv Temple are famous here. Today most of the families in Rasta Peth are South Indian.

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