Lalbaugcha Raja is the popular Ganesh idol of the 'Lalbaugcha Raja Sarvajanik Ganeshotsav Mandal'. The mandal, formerly known as 'Sarvajanik Ganeshotsav Mandal, Lalbaug'was founded in 1934 at Lalbaug Market.
The 'mandal' was founded because of a vow (Nav'as) for construction of the present Lalbaug Market at its existing place. The marketplace at Peru Chawl was shut down in 1932. Hence, the fishermen and vendors who used to sit in the open place vowed to Ganesha for permanent place for their market. With the consistent efforts and support of the then local Councillor Shri. Kuwarji Jethabhai Shah, Dr. V. B. Korgaonkar, Shri. Ramchandra Tawate, Shri. Nakhawa Kokam Mama, Bhausaheb Shinde, Dr. U. A. Rao and the local residents, the landlord Rajabai Tayyabali agreed to give a plot for construction of a market. As fulfillment of their wish, the fisherman and traders established the Ganesh idol on 12 September 1934. The idol was dressed in the customary fashion of fisherman. Since that day, this idol of has become popular as He fulfills the wishes of devotees. The mandal was formed in the era when the freedom struggle was at its peak.
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