According to the traditional Hindu calendar, Tripurari Purnima is the full moon day during the Karthik month.
The boat contest that takes place during this time is one of the main highlights of the festival and draws a large number of spectators, tourists and participants from all over.
Diyas or lamps are placed in the water before the boats arrive amidst much fanfare and festivities.
The boats are miniature replicas of actual ships painstakingly crafted by artisans, while others are traditional crafts mostly made of thermacol and cardboard.
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The festivities will take place at Vithalapur in Sanquelim, near the Pundalik Temple and Valvanti river which flows nearby makes it an ideal spot for the boat competition.
The celebrations start in the evening as the palanquin of Lord Vithal is brought amidst chanting and traditional music, to be placed on the banks of the river where it remains until the end of the boat competition.
Apart from the boat competition, there are a host of cultural programmes which include songs performed by well-known Goan artistes and various traditional folk dances such as Goff, Dhalo, Tonyamel, Veerbhadra and Samai dance.
The grand finale has a spectacular display of fireworks on a full moon night.
The organisers of the Tripurari Purnima festival award prizes to the best designed boats.