Short answer
No. A large wedding venue is a social choice, not a requirement for Nikah.
Islamic Guidance
What Islam teaches
The essential purpose of marriage is the lawful union and fulfillment of marital responsibilities. Islam encourages moderation and does not require an expensive venue.
Practical Guidance
What you can consider
Choose a venue that fits the family's means and genuine needs. Do not take unnecessary debt simply to satisfy social expectations.
Sources
Qur'an 7:31; Qur'an 17:26-27.