Mahasivaratri, the day of the great festival in Siva temples, is given equal importance Puthukkulam Sree Nagaraja Temple. The installation of the Nagaraja is in accordance with the concept of Siva. The poojas also are on the Saivite model. Thus, Sivaratri assumed special importance among the annual festivities. The festivities on Sivarathri day at Puthukkulam Sree Nagaraja Temple are also associated with Vasuki, the King of Serpents. Legends say that once Vasuki went round the gigantic Thanni tree in front of the temple in a sportive mood and stretched his hoods shining with jewels towards the east; opened his mouth and hissed; all the sands in that place flew away; and a little pond came into being. This is Karoli pond (Karoli Kulam). On Sivarathri day, it is believed, he goes in procession in that direction to have a glimpse of his playful creation.