The original name of Vallachira was Vallabha Chira as the chira (pond) was dug by a devotee of Vishnu named Vallabha Chettiyar. This pond has been used for the Aarattu of Pisharikkal Bhagavathy and Aaraattupuzha Shasthaav during the Peruvanam temple festival. So, the temple is believed to be more than 1400 years old. Vishnu is consecrated here as Santhanagopalamoorthy. Legend says that a Brahmin prayed to Lord Vishnu to be blessed with a child. The Lord appeared before him as Santhanagopalamoorthy and he was blessed with children. As a show of gratitude, he built a temple and consecrated the Lord there. It was after many more years that the Bhagavathy temple came into existence. According to a popular legend, a Brahmin devotee used to visit the Peruvanam temple, Thiruvallakaavu Shastha temple and the Meykavu Bhagavathy temple every day. One day when he reached the Meykavu temple, he found it closed. He was devastated to see it. As he sat down to rest for some time, he fell asleep. In a dream, he heard a voice tell him that he did not need to come that far to worship the Goddess. She would come to his village. The Brahmin immediately started back and reached the Vallachira Vishnu temple. He kept the umbrella near the pillar on the southern side and went to the pond to take a bath. After praying at the temple, he tried to take the umbrella to go home. But the umbrella was stuck there. On astrological consultation, the Goddess at Meykavu had become infused in the pillar. So, the goddess was consecrated there. Vallachira is considered to be a holy pond and it is believed that the Gods and Goddesses arrive here at night to take a bath in the pond.