This is the only temple dedicated to Sri Mahalakshmi on the east coast of Tamil Nadu. According to the lore, Sri Mahalakshmi is the consort of Sriman Narayanan (Sri Mahavishnu). The temple is located on the shores of Besant Nagar Beach, Chennai. The foundation was land in January 1974 by public participation. The consecration of the temple took place on 5 April 1976 in the presence of the 44th guru of the Ahobila Mutt Vedhantha Dhesika Yatheendhra Mahadhesikan Swami.

The temple depicts Sri Mahalakshmi and her eight primary forms “Ashtalakshmi”.
Ashtalakshmi is the giver of all eight forms of wealth such as:

1. Offspring
2.Success
3. Prosperity
4. Wealth
5. Courage
6. Bravery
7. Food
8. Knowledge. 

The temple measures 65 ft in length and 45 ft in breath. It is modeled after the Sundhararaja Perumal Temple in Uthiramerur. In this temple the eight forms of goddess Lakshmi are presented in four levels and in nine separate sanctums. The shrine of Lakshmi and her consort Vishnu is in level two.

One starts the worship from here. Taking the stairs, the path leads to the third floor, which has the shrines of Santhanalakshmi, Vijayalakshmi, Vidyalakshmi and Gajalakshmi.

Further few steps would lead to the shrine of Dhanalakshmi, which is the only shrine on the fourth floor. Exiting the main shrine, in the first level, there are shrines for Aadilakshmi, Dhaanya lakshmi and Dharyalakshmi.

The temple also has avatars of Vishnu, Guruvayoorappan, Ganesha, Dhanwanthari and Anjaneyar deities.