[3][4] The main temple festival is during the Onam season, which falls on the month of August or September and is the most important event of the religious calendar here.

Communal harmony continues to be the hallmark of the celebrations, with people belonging to different religions turning out in large numbers for the Onasadya or the Onam feastin keeping with the spirit of the festival.

[6][7] Apart from Onam, the temple also observes important festivals in the Hindu calendar such as Vishu, Makara Sankranti,[8] Navarathri and Saraswati Puja.

The temple complex, which is enclosed in a large area, holds the main sanctum dedicated to Vamana.

[9] The temple also houses records containing the earliest mention of the celebration of the Onam festival dating to 861 CE.

The other pond is located on the Northern side outside the temple walls, and is used regularly during the Aaraattu ceremonial bath of the idol during Onam celebrations.

The Bhagavata Purana describes that Vishnu descended as the Vamana avataram to restore the authority of Indra over the heavens, as it had been taken by Bali, a benevolent Asura King.

Vamana, in the guise of a short Brahmin carrying a palm leaf umbrella, went to the king to request three paces of land.

Some texts also report that Vamana did not step into the Rasatala, and instead gave its rule to Bali and granting him the boon to become the next Indra.

The temple is the site at which the king Mahabali is said to have been sent to the netherworld Patala by Vamana with his foot, hence marking the genesis of the Onam festival.