This temple is situated to the south of the famous Padmanabha Swami temple at Thiruvananthapuram. The area also has come to be named Sreevaraham. Varahamoorthy temples are rare in Kerala and hence this has gained fame and importance. The consecration here is Varahamoorthy with Goddess Lakshmy seated on his lap, a form that is not seen anywhere else. The sanctum also is unique. The outer side of the sanctum is circular while inside it is square in shape. The outer part is made of granite while the inner side is made of laterite stone. Another important feature of the temple is the Varaha Theertha pond more which spreads over an area of eight acres. It is believed that this pond was made by Arjuna, one of the Pandavas.  One of the legends about the origin of the temple states that the area where the temple stands now was marshy land at one time. The idol of Varahamoorthy and Lakshmy Devi came up from the marsh and became the self- originated idol of the temple. But another legend states that Varahamoorthy was consecrated here in association with the construction of the Padmanabha Swamy temple.  This seems logical as the construction of a temple usually begins with Vasthu puja. In Vasthu puja Varahamoorthy is invoked. Hence Varahamoorthy and Lakshmy devi might have been consecrated here to gain the blessings for the construction. The temple was under the Travancore Royal family and even the materials needed for the pujas were sent from the palace.  Now it is under the Travancore Devaswom Board.