The upper storey of Chamundaraya Basadi is called as ‘Megala Basadi’. It enshrines a four feet high black coloured granite idol of Lord Parshwanatha in kayotsarga. An inscription on its pedestal says that Jina-deva, son of the minister Chamundaraya, caused to be made a Jina temple at Belagola. The temple referred to is probably this upper storey and its period may be about 995 A.D. It is highly probable that the building which was commenced in about 982 A.D. was perhaps completed in 995 A.D. The porch appears to be a later addition and perhaps belongs to the days of Vishnuvardhana Hoysala.
Since this temple is found in the upper storey of Chamundaraya Basadi it is called as Megala (‘Megala’ means ‘Upper’ in Kannada) Basadi.