The Temple was dream for people of Kanhangad at those times as the nearest temple of G.S.Brahmins were situated at Kasargod. So they kindly requested then Guru of Kashi Mutt to offer a Temple for them. Guru Sri Bhuvanendra Thirtha blessed the people of Kanhangad with idol of Laxmi Venkatesh of Innoli which the people of Innoli gave to him earlier as they were in such poverty that they were not able to offer Nivedya to God.
The Chowguli families that is, the four families attributed to construction of the temple consisted of families of Subraya Kamath, Ramachandra Nayak, Narayana Kamath and Sheshagiri Kamath. It is said that the whole construction of temple was by the people of the community without any workers outside the community. Subraya Kamath's Family offered the land for the temple. Thus his family becomes the Muli family who are believed to inform the people the god's will through oracle referred as Darshan.
As the Innoli people returned the deity to Swamiji due to large amount of Naivedya which they were not able to offer, Swamiji is believed to offer special prayers so that he had requested God to be satisfied with whatever Naivedya the people of Kanhangad are able to offer and give quadruple amount of blessings in return.