The temple and the area TIRUVALLIKKENI derives the name from this tank, where it is said that GODDESS MAHALAKSHMI herself was born as VEDAVALLI to SAGE BHRIGU. It is said that lily flowers bloomed in this tank.
This tank, it is said consist of five scared wells, and its waters are holier the Ganges.
Float festival is held in this tank for seven days on the New Moon day in the month of masi .(Three days for Lord Parthasarathy and one each of Sri Narasimhar , Sri Ranganathar , Sri Ramar and Sri Gajendra Varathar.