Mir Osman Ali Khan Nizam VII inaugurated the building and named it after his second son Nawab Moazzam Jah Bahadur, who was then the President of the City Improvement Board. The construction of Moazzam Jahi Market was completed in 1935.

An impressive granite structure fronted by a high-domed clock tower, the market was until recently one of the largest centres of retail trade in fresh fruits and vegetables.