Payippad Boat Race is one of the major snake boat races in Kerala. Payippad Jalotsavam or Vallaarattu is a three day annual fiesta on the Payippad Lake which is 35kms from Alappuzha. This  water festival had a close connection with Subramanya Swamy Temple in Haripad. It commemorates with the installation of the deity at the Subramanya Swamy Temple, Harippad.  The story is that the people of the village decided to build a temple with Sree Ayappa as the presiding deity. After the temple was ready, they had a vision directing them to a whirlpool in Kayamkulam Lake they would find the idol of Sree Subramanya, which was to be installed at the temple. Accordingly, the elders of the village with divers and swimmers rowed to the spot and found the idol, which was escorted, back ceremoniously by devotees from the entire region in colorfully. In remembrance of Prathista ceremony of the deity at the Haripad Subrahmanya Swamy Temple,  a three day water festival is conducted each year.

The main highlights of the Payippad Boat Race is Chundanvalloms or snake boats. The swift “Chundanvalloms” racing through the blue, crystalline waters are, indeed, a treat to the eyes of the spectators.