Lord Vishnu is believed to have appeared here as Sree Vallabhan before sage Durvasa and Khandakarnan. Temple lore says that Durvasa and the saptarishis visit the temple every midnight to worship the Lord. Ancient literature including those by the Alvars, the poet-saints of the Sree Vaishnava tradition, mention the Sree Vallabha temple as one of 108 Divya Desams. An 8ft tall idol of Sree Vallabha has been consecrated inside the sanctum sanctorum.
The legendary architect Perumthachan is credited with building the unique 54ft Garuda sthambha or flag mast made from a single block of granite. The customs followed here are unlike those found anywhere else. During the 10-day annual festival, an offering called pantheerayiram is made by devotees wherein 12,001 bananas are offered. Another offering is a Kathakali performance every night as booked by devotees wherein the story enacted depends on the wish they want fulfilled.