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It was rebuilt in 1715 AD, out of a donation for the Walkeshwar Temple by Rama Kamath. The main temple, has been reconstructed since then and is at present a reinforced concrete structure of recent construction.
Banganga in mythology
As the legend goes, overcome with fatigue and thirst, Rama asked his brother Lakshmana to bring him some water. Laxman instantly shot an arrow into the ground, and water gushed forth from the ground, creating a tributary of the Ganges, which flows over a thousand miles away, hence its name, Banganga, the Ganga created by a baan (arrow).
The area still has an old Hindu cemetery consisting of samadhi shrines of various Advaita gurus, such as Sri Siddarameshwar Maharaj (1888–1936) and his disciple, Sri Ranjit Maharaj (1913–2000).
The tank today is a rectangular pool structure surrounded by steps on all four sides. At the entrance are two pillars in which oil lamps called diyas were lit in ancient
The tank, as well as the main Walkeshwar Temple and the Parshuram Temple belong to the Goud Saraswat Temple Trust, which once owned most of the property in the complex. Many Goud Saraswat Brahmin families (Rege, Anaokar, Mulgaonkar, Kenkre, Sakhardande, Sukthankar, Keni, Marudkar, Naik, Wartikar, Warerkar, Bidikar, Bhende, Prabhawalkar, Pagnis) used to reside / still reside in the Temple Trust buildings in the complex
The tank is spring fed and so its water remains sweet, despite being located only a few dozen meters away from the sea. Apart from being a cultural hub, the place over the years has provided inspiration to many artists, be it on film or on canvas.