Is walima (marriage banquet) neccesary?

I am a 21 year old girl and my parents have fixed my match. The groom's family later quoted that they wont be performing walima (marriage banquet), as none in their family performed yet, they even said that they won't be contributing financially even in nikah. Even the meher amount they would give is low considering the amount the groom earns. Is walima neccesary?