Welfare Minister P Rajavelu and functionaries of various organisations also paid homage at the statue.
Opposition Congress legislators and PCC office bearers led by the party leader A V Subramanian garlanded the statue of the leader.
Venkatasubba Reddiar was Chief Minister in the early years after Puducherry became free from French regime in 1962.
He was also Mayor of the Commune Panchayat in his home constituency of Nettapakkam.
He was a veteran freedom fighter and launched the cooperative movement during his tenure as Chief Minister.