Payipad Boat Race is a colourful water regatta. It is held during the Onam festival. This three-day long water regatta literally thrills this land of lagoons. Snake boat pageantries are held on the first two days and the race is on the Thiruvonam day.

The event has religious importance as well. Legend has it that the idol of the temple was found from the Kayamkulam lake. The villagers brought the idol to the temple in a colourful journey escorted by country boats. The boat race is held in commemoration of this event.

Alappuzha, a southern district of Kerala has much to be proud of its unique contribution to the cultural heritage of the state. Undoubtedly, most important among them are boat races held in the scenic backwater stretches of the district. Nehru Trophy boat race, Champakulam moolam boat race and Aranmula Uthrittathi boat race are some other famed water regattas held in the State.