It is an ancient temple dating back to the Pallava period, now completely renovated.
Legend: Pundarika Muni, armed with a basket laden with taamarasa flowers proceeded eastward, to worship Vishnu. In his devotional fervor, he attempted to drain the waters of the ocean to reach Vishnu. He appeared in front of Muni as an aged devotee. Vishnu showed him a vision of grand Anantasayanam at the same spot, adorned with flowers from the saint's basket, and hence the name Stalasayana Perumaal. Legend also states that one of the Pallava rulers turned into a crocodile in the temple tank; upon gripping the leg of the blessed Pundarika rishi, his curse was lifted.
Temple: The Telugu rulers of Chandragiri provided for the construction of this temple. It underwent renovation in the 19th century and covers an area of four acres, its rajagopuram can be seen from a distance. This temple is referred to in the Tamil work Pattuppaattu. The Moolavar here is Stalasayana Perumaal in a reclining posture facing the east. An image of Pundarika Muni is also housed in the sanctum. Taayaar here is Nilamangaittaayaar having a separate sanctum. Utsavar here is Stalasayanatturaivaar also known as Ulagyuua ninraan, portrayed carrying a lotus bud. There are shrines here dedicated to Andal and Rama also.
Festivals: The annual Maasi Magham festival sees thousands of devotees bathing in the sea nearby.