The rule of the Qutb Shahi dynasty saw the construction of several buildings for military and administrative purposes, the Khazana Building being one of them. It was the edifice in which the treasure of the Sultans was stored and was the treasury of Ibrahim Qutb Shahi. The management of these buildings was subsequently passed down to the Nizams, however, with the independence of India in 1947 and the rule of a democratic government, the Nizam's had to relinquish their control in 1948. Initially, it was used by the government as a building where the salaries of the Indian Military staff were distributed. Later, in 1951-52, it was handed over to the Department of Heritage, Telangana. Deemed as a heritage site of cultural importance it is now used for the exhibition of artefacts which were added by the Department of Heritage.

Khazana Building is located close to the Golconda Fort in Hyderabad. Located on the main road, on the way from Fateh Darwaza to Bala Hissar road, the building is also known as Khazana Building Museum. When tourists enter the Khazana Building Museum, they can first notice the guard rooms of the royal treasury of the Qutb Shahi dynasty. As with most Islamic buildings, there are religious centres inside the complex- Ashrafi Mosque in the eastern quarters of the building and Chani Mosque (built during Ibrahim Qutb Shahi time, 1550 AD – 1580 AD), the smaller mosque of the two. Located opposite to the Khazana Building Museum is Sham Sheer Kota. During the reign of Ibrahim Qutb Shah, royal arms and weaponry were stored in this building. 

Khazana Building has a majestic central arch, on the sides of which are two halls. The arch supports the roofs of these halls. The halls had a special purpose too, these were storehouses of the royal treasury of the army and government of Qutb Shahi. The central arch leads to the courtyard and the gardens. Today, there are canons from the Qutb Shahi Period on display, here. Also, stone sculptures from neighboring regions, of the Chalukya and Kakatiya period as well as Qutb Shahi and Bahmani dynasties are on exhibition. From rare coins to centuries-old relics unearthed during various excavations, the region’s treasure of history and heritage is displayed at the Khazana Building Museum.

Information sourced from https://heritage.telangana.gov.in/museums/khazana-building-museum-hyderabad/