Located on the main road, a hundred yards east of Charminar, is Malwala Palace, built in 1845 by Raja Ram Pershad Lal Bahadur.

It is one of the palaces that cluster around Charminar lending the whole area an aura of regal glory and majesty. Architecturally unique, an attractive blend of the styles of Mir Alam’s Diwan Khana and the British Residency.

The palace has arches made of lacquered wood. Later, Raja Shivraj Bahadur expanded the palace.

His forefathers and he were leading nobles of the Hyderabad State and daftards or custodians of revenue records. Their residence, called Daftar-i-Mal (Revenue Office), later came to be known as Malwala Palace.