Constructed in the Dravidian style of architecture, the temple is glorified in the Naalayira Divya Prabandham, the early medieval Tamil canon of the Alvar saints from the 6th through 9th centuries CE.

It is one of the 108 Divya Desams dedicated to Vishnu, who is worshipped as Ulagalantha Perumal, and his consort Lakshmi as Amuthavalli.

The temple is believed to have been built by the Pallavas, with later contributions from the medieval Cholas, Vijayanagara kings, and Madurai Nayaks.

Vamana, the Brahmin dwarf, and one of the ten avatars of Vishnu, is held to have appeared here to quell the pride of the asura king Mahabali.

The temple is maintained and administered by the Hindu Religious and Endowment Board of the Government of Tamil Nadu.

The Bhagavata Purana describes that Vishnu descended as the Vamana avatar to restore the authority of Indra over Svarga, as it had been taken by Mahabali, a benevolent asura King.

Vamana, in the guise of a short Brahmin carrying a wooden umbrella, went to the king to request three paces of land.

[8] The inscriptions in the temple also indicate increased trade and commerce during the Pallava period, with licenses provided to shops like oil, ghee, arecanut, vegetables, flowers, coconut, sugar, cloth and sandal.

The image of Ulagalantha Perumal is over 35 ft (11 m) in height depicted with his left leg at a right angle to the body and parallel to the ground.

As per tradition, Mahabali at the foot of Vamana, could not view the deity's vishvarupam, and requested him to manifest as a smaller form.

The presiding deity of the shrine is Karunakara Perumal facing north and seated on Adishesha and his consort Padmamani Nachiyar.

The images of the festival deity, Jagadishvara, facing the east and having four arms, is housed in a hall in the second precinct.

According to Pillai Perumal Aiyangar in his Nurrettrutiruppatiyantati, Vishnu revealed himself to a sage in the form of a child as a banyan leaf.

The temple rituals are performed six times a day: Ushathkalam at 7 a.m., Kalasanthi at 8:00 a.m., Uchikalam at 12:00 p.m., Sayarakshai at 6:00 p.m., Irandamkalam at 7:00 p.m. and Ardha Jamam at 10:00 p.m. Each ritual has three steps: alangaram (decoration), neivethanam (food offering) and deepa aradanai (waving of lamps) for both Ulagalantha Perumal and Amuthavalli.

[7] The temple is revered in Naalayira Divya Prabandham, the 7th–9th century Vaishnava canon, by Thirumangai Alvar in one hymn of Thirunedunthandagam.