The advent of Goddess Padmavathi Devi, the consort of Lord Venkateswara, is narrated in many puranas. According to a legend,
there was once a pious Brahmin called Pundarika. Though he performed all the duties prescribed in the shastras, he did not
have a son. Finally at the age of 50, he got a son whom he named Madhava. He brought up the child carefully making him proficient
in all branches of learning and got him married to a devout lady. After some time, Madhava deviated from the righteous path and
followed another woman. After her death he wandered like a mad man. One day he followed a group of pilgrims going to Tirumala.
When he bathed in the holy Sudarshana Lake and climbed the hills his sins were washed off. There he heard a voice from the sky,
which asked him to bathe in the Swamy Pushkarini and seek the blessings of Lord Varaha Swamy. Later he was born to King Mitravarman
of Thondamandalam and was named Akasharaja.
Akasharaja grew up to be a handsome and wise prince. He married Dharanidevi. The royal couple was sad because they had no children.
On the advice of priest, Akasharaja decided to perform a yagna. When the sacrificial ground was ploughed, the couple found a lovely
girl in a thousand petal lotus. A divine voice urged the king to bring up the child with love and care. The child was named Padamavathi
as she was found in a lotus (Padma). When Padmavathi grew up, Lord Venkateshwara came in search of her. The celestial marriage of Lord
Srinivasa and Goddess Padmavathi took place on a grand note.
The temple was constructed in the time of Tondaman Chakravarthi, who happens to be the elder brother of Goddess Padmavathi.
Another popular story which is prominently heard is that of Sage Bhrigu, who hit Lord Mahavishnu on His Chest which happens
to be the residing place of His consort Goddess Maha Lakshmi. Angered with this gesture, Goddess left Vaikuntham and reached
Patalalokahere is a small story behind this temple.In Vykuntam,a maharshi called Brugu has beaten the Lord`s heart with his feet.
In return,Lord offered many services instead of getting anger. This made angry to Padmavathi and went to Patalokam, where she heard
a divine voice stating that a ‘Pushkarini’ was dug on the banks of the river ‘Swarnamukhi’. Goddess Maha Lakshmi immersed herself
in penance for 12 years. In the 13th year she emerged as Sri Padmavati from a golden lotus located at the centre of pushkarini on
the auspicious Panchami Day in the holy month of Karthika with the advent of Uttarashadha Nakshatra.