Maharshi Parashurama consecrated the idol with a concept that the Lord Mahavishnu embracing the Goddess Mahalakshmi with his hand and hence the temple had the presence of both Mahavishnu and Mahalakshmi. After the consecration the Maharshi entrusted the temple responsibilities to some local Brahmins. With the blessings of the Lord and the Goddess, they became very wealthy. As wealth and prosperity increased they became indifferent towards the activities of the temple which resulted in their downfall. During the course of time the temple also lost its glory.
After a long period Vilwamangalam Swamikal, a great disciple of Lord Mahavishnu, on his routine pilgrim tour, saw the temple and the village in its most miserable state. When he entered the temple he saw Goddess Mahalakshmi engaged in the service of Lord Mahavishnu. He was surprised to see this and thought why the temple and the village is in such a nasty condition even though there is the presence of both Mahavishnu and Mahalakshmi.
Vilwamangalam Swamikal asked the Goddess the reason for the downfall of the temple and the locality. She replied that neither the villagers nor the temple authorities are taking care of the temple rituals and hence she herself has to do the service of the Lord. As a result she is not getting enough time to attend the problems of the people. Then Swamikal told the Devi that if the prayers of the devotees are not attended, they will stop visiting the temple and turn into atheists. Hearing the request of the Swami, Devi promised him that she will give Darshan to the devotee's once in a year. But Vilwamangalam was not satisfied. He again requested Devi that, every devotee needs different kinds of blessings from her like health, wealth, education etc and not merely money alone. As Devi was pleased with the request of Swamikal, she agreed and said that she will give Darshan to the devotees in the concept of Ashtalakshmi starting on the day of Akshayathritheeya, every year.
