Hemakuta Hill, south of the Virupaksha temple, contains early ruins, Jain temples and a monolithic sculpture of Lord Narasimha, a form of Lord Vishnu. Hemakuta Hill offers excellent view of Hampi Bazaar.

According to mythology, Lord Shiva did penance on the Hemakuta Hill before he married Parvati. This was also the place where Lord Shiva burnt Kama, the God of lust. This sacred hill lies to the proper right of the Virupaksha Temple. At present, Sree Gayathri Peetha Maha Samsthana, a religious organisation is located on this hill.

On the hill are a large group of temples built in pre-Vijayanagara and Vijayanagara periods. According to the inscription found on the second of these temples, the temple was built in 1309-1310 A.D. Two temples, facing north, have a compact three-celled plan with an antechamber, a pillared hall and an entrance porch. Their beauty is enhanced by the well balanced but simple Shikhara or spires above the sanctum. These shikharas are different from the other shikharas found in Hampi. They are stepped pyramidal in shape, resembling the Shikharas of Jain temples. Hence these temples are also mistakenly called as Jain temples.