This paper proposes a novel 8×8 multiplier architecture based on Wallace Tree, efficient in terms of power and regularity without significant increase in delay and area. The idea involves the generation of partial products in parallel using AND gates. The addition of these partial products is done using Wallace Tree which is hierarchically divided into levels. There will be a significant reduction in the power consumption, since power is provided only to the level that is involved in computation and thereby rendering the remaining two levels switched off (by employing a control circuitry). Furthermore, to improve the speed of addition at the 3rd level of computation, a novel carry look-ahead adder (CLA) is also proposed which is better than the recently proposed CLA architecture when compared its efficiency in terms of area/speed. The efficiency of the proposed multiplier is also tested by embedding it in higher width partition multipliers.