The temple being one of the 108 Divya Desams adds a lot of importance to it religiously and historically. The temple is highly visited by people following Hinduism and is known to be a main centre of worship for the people living in Thrikkakara and nearby areas. The temple celebrates many Hindu festivals and observes numerous rituals however the one festival and ritual that is celebrated in a grand way is Onasadya or Onam. During the festival of Onam it is not only the Hindu people who throng the temple to see and attend its grand ceremony but there is a mixture of faith, religion belief, and worship in the people who attend this festival.
The festivities of Onam are carried over a period of 10 days and usually fall in the month of August-September when the Malayalam month of Chingam starts. This festival is a celebration of the King Mahabali's homecoming and the temple here is believed to be the site from where he was banished to the underworld by Lord Vamana.
The festivities of Onam here are marked with various performances of the cultural arts such as Chakyar Koothu, Patakam, Kathakali etc. There are also ceremonial rituals that are different for each of the 10 days which is conducted at the temple.
According to legends and the scriptures in the holy book of the Bhagavata Purana, it is said that Lord Vishnu took the form of Vamana to help reinstate the authority of Indra as the King of the heavens. Legend has it that Mahabali the Asura king had taken over the heavens and the other two Hindu mythological worlds. He had taken over these worlds after doing severe penance and winning the praise of the world. Lord Vishnu disguised himself as a short Brahmin with a wooden umbrella and asked the king for three paces of land. The king granted him his wish against the advice of his Guru. On getting his wish granted, Vishnu revealed his true celestial identity and became so huge that when he took two steps he covered the heavens and the underworld. For the third step the King offered his head as there was no other world, Vishnu impressed by his humility granted him the gift of immortality. However he was banished to the netherworld only to return once a year for a day to visit his people. It is said that the temple was the place where king Mahabali offered his head to Vamana, thus making it a sanctified place.
The temple is constructed in the classical Travancore style of architecture with open courtyards and a sanctum sanctorum. The sanctum sanctorum houses the idol of Lord Vamana.