The water level in the Banganga Tank is controlled by underground valves and overflow outlets empty into the nearby Arabian Sea. During the monsoon months, the tank can overflow, unless regulated by the outlet valves. When the water level is low, it reveals the natural spring from which water enters the tank, which otherwise remains submerged.
A distinct material culture at Banganga Tank is the popularity of bathroom tiles for decor and restoration purposes. The tiles are used not only for floors, the purpose for which they are designed but also on walls and the interior of garbagrihas in temples. This shrine below a banyan tree in front of Walkeshwar Temple has been restored using bathroom tiles.
In the middle of Banganga Tank stands a dhwajastambh (flagpole), which symbolizes Mount Meru, considered by Hindus to be the center of the physical, metaphysical, and spiritual universes. The water symbolizes the Cosmic Ocean, used in Hindu rituals performed on the ghats. The tank is also used for the immersion of ashes from the nearby crematorium.
In front of Walkeshwar Temple is the Onkareshwar Mahadeo Temple, commissioned by Mathuradas Dwarkadas. This temple has a squat deepstambha adjoining it. The temple is dedicated to Lord Shiva, represented by a stone lingam that is fabled to be swayambhu (self-manifesting). Next to the temple stands an old banyan tree.