The market was founded by Ghani Miyan, a courtier at the court of Nawab Mir Nizam Ali Khan. He was a close relative of the Paigah noble, Nawab Tegh Jung. During the revolt at Adilabad, he was instrumental in suppressing the revolt and winning back the Dubalgundi fort for the Nizam.
Jubilant with the success, the Nizam gave him the title of Sardar-ul-Mulk, along with two infantry units of seven thousand soldiers each. He was held in high esteem by the ruler, which understandably led to jealousy and court enmity. Subsequently on the fifth day of Moharram in the year 1814, he was murdered in the Ashoorkhana of Mehar Afza Bai at Pathergatti. It is said that he dreamt his end a day before, apparently Hazrat Hussain is said to have appeared in his dream and asked him to join Hazrat and his followers. He was laid to rest in the Paigah tombs near the grave of his mentor, Tegh Jung. The market abetting his palace came to be called as Ghansi Bazaar.
The thickly populated locality is located beyond Sahar-e-Hatil Kaman. As you pass the Sahar-haatil Kaman, the left road leads to Mitti ka Sher locality, which houses the havelis of Agarwals and Marwaris, prominent among them was Bishambar Dayal Sanghi, a leading advocate and then mayor of Hyderabad. To the right is the Ghansi Bazaar locality. A little away from the High Court end, the left road goes to Shakramon ka Adda, and Mehboob ki Mehandi. The adda has been converted into Quli Qutb Shah stadium, opposite Government City College. At this junction is the 400-year-old Dargah of Hazrat Syed Deewan Shah Daler.
Mama Jamila, a powerful Mama of that era, had her deodhi here. She had tremendous clout in the functioning of the state. Famous scholar and expert in Daccani language and banjara (lambada) history and traditions, Dr. Sree Ram Sharma, also lived here. Presently, there are many shops here, a few selling old zari and homemade sarees, pagdis, dastaars (handgears) and readymade garments. The famous ‘Govind Dosa bandi’ also does business here. A lane on the right leads to the tombs of Hazrat Saadullah and Hazrath Shaykh Ji Hali.
Bhaldaar Wadi: The area close to Ghansi Bazaar is so known because it was home to soldiers who fought only with bhala, a long spear. After the victory at Golconda, Aurangzeb’s son Muhammad Kam Bakhsh was made the subedaar of Deccan, and his palace was located here.
Baider Wadi: Baiders are people who traded in pooja articles like coconuts, betel nuts, etc. They resided near large havelis and palaces. This small locality forms a part of Ghansi Bazaar.