According to legend, Krishnadevaraya, the Vijayanagar ruler, went to Srirangam and was enthralled by the Sri Ranganayakaswamy Temple there. He desired to construct a Ranganayakaswamy temple in his kingdom. Later, Ranganayaka (Lord Vishnu) appeared in dream and told the king that his idol is lying in the kingdom and an eagle will direct him to that place. The succeeding day, Krishnadevaraya followed the eagle and found the Lord's idol between Kothakota and Kanvayapally mountains. The king constructed the Sri Ranganayakaswamy Temple near Ratna Pushkarini Lake. The temple is a classic example of Vijayanagar architecture.

Srirangapur is located about 12 km from Wanaparthy, which is 100 km from Mahabubnagar town. Regular buses are available from Wanaparthy.