Deegawapiya is one of the 16 places which has been blessed by the Buddha’s presence. Buddha was invited to Kelaniya by Mani Akkika of Naga Tribe, ruler of the Kelaniya region on his second visit to Nagadeepa. On the 8th year of attaining nirvana Buddha decided to visit Sri Lanka for the third time specially to Kelaniya. During this visit he came to Deegavapi with 500 arhaths and spend time meditating.
According to the the Mahavansa, great chronicle of Sri Lanka, this stupa was built by king Saddhatissa (137-119 BC). According to the same the king has also donated a jacket decorated with gold lotus flowers and various gems to cover the stupa.