Lord Sri Lakshmi Narayana (Sri Venkatesa Perumal), is the prime deity in this Perumal kovil considered to be over 500 years old. The Lord has his consort, Sow. BhoomiDevi (Sridevi) in his left thigh, in the sanctum sanctorum of this temple. This statue is considered one of the prime examples of the Chola architecture of that period.

Since Indian Independence and given the changing nature of the Indian society and its inclusiveness, the responsibilities of managing the various temple activities have been divided across several families. The overall management was divided amongst five families. Several families also got responsibilities of conducting the various festivals and utsavams (including Sri Rama Navami, Avani Avittam, Vaikunta Ekadasi, Akshaya Thrithiyai etc,.). It is an attestation to the devotion of these families that even to this day, they continue the seva that they were given.

The fame and glory of Sri Venkatesa Perumal was known to the rest of the world in early 17-the century by Sri Narayana Theerthar. Sri Narayana Theerthar came to Varagur, by following a white pig (Varaha) where the Lord cured his acute stomach ache. Sri Narayana Theerthar then sang the Krishna Leela Tharangini.

It is said that Lord Venkatesa danced ain this temple to the tunes of the Krishna Leela Tharangini, when they were sung by Sri Narayana Theertha to the tunes of Sri Anjaneya.