History Of Lakshmi Vilas Palace In 1890, Maharaja Sayaji Rao Gaekwad III, the then-ruler of Vadodara, decided to build the Lakshmi Vilas Palace, which was completed in 1890. The Maharaja was known for his progressive mindset, and he wanted the royal residence to serve as a testimony to the Gaekwad’s vision and grandeur. Discover essential information about Laxmi Vilas Palace in Vadodara, India. Learn about its history, architecture, visiting hours, ticket prices, and tips for tourists to make the most of your visit. The Lakshmi Vilas Palace (Gujarati: લક્ષ્મી વિલાસ મહેલ) in Vadodara, Gujarat, India, was constructed in 1890 by the Gaekwad family, a prominent Maratha family, who ruled the Baroda State. It is four times bigger than Buckingham Palace, & was built in 1890 at a cost of INR 6 mil. Here's all about Vadodara's Lakshmi Vilas Palace.