Delhi becomes a trendsetter once a year: on Diwali. Whatever the innovations to brighten up the festival of lights-and lighten wallets-they happen here. But the city might be taking a reality check this Diwali. While Natasha Nanda of Escorts, who has moved to Mumbai, will be missed for her Diwali bonanzas (the hostess is known for converting her home into a mini casino complete with blackjack tables and roulette), there is evidence that across the metros the tradition of celebrating the blessings of Laxmi will be low key this year. If a snap poll of A list hosts is any indication, Mumbai has nothing big planned-the party types are either heading out of town for the long weekend (Diwali falls on a Monday) or playing it low key this year.

Delhi reflects the Diwali downsizing. Over the years, those who venture out on Diwali night-and the week preceding it-to combine mithai-exchange with frenzied air-kissing have fallen into an established, if loosely defined, pattern. If the stately home of Dr Karan Singh sees a more understated turnout on Diwali night where political leaders cut across party lines and exchange greetings, lawyers gather at the home of Rajeev Nayyar (last year, the unease between legal eagles Ram Jethmalani and Arun Jaitley after the Big Men Small Egos controversy had spilled over onto the cards table) and the younger-flashier, if you will-fashion designer and model crowd is seen at the Greater Kailash home of Ashish Soni. Farmhouses that dot the Gurgaon-Mehrauli Road host extravagant theme parties, with special touches ranging from palm readers to music set to chaupal verses.

But the buzz this year is missing. "The preparation for a Diwali party is usually on the scale of a wedding," says Marut Sikka, expert foodie about town, "but for the first time, it's not as great." Sikka has in the past organised ambitious Diwali affairs: for Jitender Mehta of Hero Cycles. They got "street specialities" from across the country laid out at a farmhouse with chefs put on a train and brought to Delhi. For another client, he put up an international cuisine counter. Sikka says that Delhi, which has a tradition of "putting aside a substantial amount of money" for the festival, is strangely quiet this year.

Even enthusiastic teen-patti card players say they have noticed a dip in activity. Raminder Singh of Greenline Communications says he and his friends used to begin playing at least a month before Diwali, but are yet to start in earnest this year. Singh says that at a party organised at Karan Channa's (the rice exporter who owns the new and fashionable 1, MG Road) last week, "only two tables played". While the economic situation may have something to do with this, Singh says it is also Delhi's quickening party pace. "Earlier Delhi had no other source of entertainment, so the tradition of playing cards around Diwali was really looked forward to," he says. "But now there are so many options for the young and the old that it no longer serves the purpose it once did." Surprising, certainly, in a city rife with Diwali teen-patti tales-a prominent hotelier famously almost came to blows with an industrialist over money owed in a card game. And at least one socialite used the card table to settle personal scores-with a flick of a solitaire-studded hand she, apparently not so accidentally, spilled a glass of red wine on the dress of a socialite.

Otherwise frequent party-goer Suhel Seth says he has never attended a Diwali party in Delhi "on principle" and will make another point against the "obscene and vulgar display of wealth" this time by taking off for Martha's Vineyard (though some can argue that a holiday at a location frequented by the rich and famous is no less a display of wealth) in the US. But it does seem Delhi is displaying signs of political correctness-installation man Naresh Kapuria says he will go to India Gate with 110 diyas to remember those who died fighting terrorism.

But there are many others who will, like other years, continue to add spark to Diwali celebrations. So even though Deven and Priya Narang of South African Breweries will not host a party this time, Sandeep Jijodia of Monnet is having his on October 30. The Bharat Rams and Charat Rams from one of the Delhi's famed "old families" will continue their tradition. Charat Ram's daughter Shobha Deepak Singh of Sriram Bhartiya Kala Kendra says the family has hosted the parties "as long as I can remember" and as a child she would wake up the morning after to find guests still playing cards. Kanti and Nirmal Jain-Kanti Jain and Rajan Nanda are card-table buddies-is another old-money family which will host their usual Diwali do on November 2.

Though some traditions continue, the frenzied gambling that is as much a part of the festival as firecrackers will be considerably diluted. That is as much a comment on the uncertain nature of the economy as it is on the city's changing social scene.

-Kanika Gahlaut