Sri Padmavati Devi's though being wife of Lord Venkateshwara her temple is away from Lord Sri Venkateswara's, as according to the legend, the Lord Sri Maha Vishnu, who later took on the incarnation of Sri Venkateswara, showed his reverence towards the sage, 'Bhrigu Maharishi', even though the sage had insulted Vishnu by kicking him on the chest.
In anger, Sri Maha Lakshmi (the Lord's consort) reached 'Patala Loka', where she heard a divine voice stating that a 'Pushkarini' was dug on the banks of the river 'Swarnamukhi', and here She immersed herself in penance for 12 years. In the 13th year Sri Padmavati emerged from a golden lotus. It is believed that Goddess Maha Lakshmi herself emerged as Sri Padmavati.