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This is the Laxmi Narayan Mandir (Temple), located on Mandir Marg (Road). The temple is popularly known as Birla mandir, since the business group Birla's had constructed the temple. It was decorated with lights for the five days of the festival of Deepawali. Hindus light Deeps or Diyas or earthen lamps to ensure that the Godess of Wealth Laxmi can find her way into their homes on the Amavasya or the new moon night that marks the onset of winter. Several other religious beliefs are also attached to the festival. You can read more about Diwali here.