This place is about two kms from Thirupanandal which is on the trunk road between Anaikarai and Kumbakonam. The Moolavar is Sri Kola vil Raman in a reclining post and is facing east and the Thaayar is Sri Maragathavalli.

The legend is, during the Vamana Avatharam, when King Maha Bali wanted to give up three pieces of land, his Guru Shukracharya blocked the water flow from the Gindi (water pot). Sri Shukracharya who knew that Vamana was Maha Vishnu and will take away all the wealth of Mahabali restricted the dhanam, whereupon Vamana took a Dharbhai grass and poked the Gindi through the spout thereupon Shukracharya became blind in one eye. Shukracharya repented and did penance for Vishnu and he was blessed by Vishnu. This place came to be known as Velliangudi (Velli is another name for Shukra, the Planet Venus). This temple is connected with two Navagraha Planets, Guru and Shukra.

This place exists in the four Yugas. In Kritha Yugam this place is known as Brahmaputhram, in Thretha Yugam, Parasharam, Dwapara Yugam Saindaranagaram and in Kaliyugam as Bhargavapuram (Bhargava is another name for Shukran). Another legend is Maya, the architect of Asuras wanted to build at least one temple as most of the temples were built by Vishwakarma the architect of the Devas. He requested Brahma to show a place for constructing a temple, so, this place was showed by Brahma. Lord Sri Vishnu with Shankha and Chakram gave darshan to Maya but he wanted a darshan of Sri Rama with bow and arrows. Therefore Vishnu discarded the Shankha and Chakra and assumed the form of Sri Rama with bow and arrows and gave darshan. Hence this Sri Rama is known as Kolavil Sri Rama. Out of the 108 Divya Deshams this is the only place where Garuda is with his four hands, and holding Shankhu and Chakra in his two upper hands, thereby depicting that Sri Vishnu gave his powers to Garuda.

In the granite flooring of this temple a red plantain tree grows and gives one plantain bunch. This is happening even now in this temple. The Sthalavriksham is the Banana Tree. This temple is also considered as the central one of the other eight Navagraha temples. Avisit to this temple is considered as covering all the 108 Divya Deshams.

Thirumangaizhwar has sung in praise of this Lord.

This Vaisnavite temple is the Navagraha Sthalam for Sri Sukra Bhagawan.