Towering above the Banganga Tank is the weathered shikara of Rameshwar Temple, built in the North Indian Nagara style with amalaka (a stone disc in temple architecture) and kalash (an architectural element shaped like a metal pot with a large base and a narrow mouth) at the summit. Small figures of lions appear on the four sides of the shikara and there is a carving of Lord Shiva as Nataraja on its east face, facing the tank.
The Rameshwar Temple was built by Raghoba Jivaji Jayakar in 1842. He was a member of the Pathare Prabhu community. The temple is believed to have been built on the site of an older Koli temple and it combines a Nagara style pyramidal shikhara, and a Konkan-style sabhagriha. In front of Rameshwar Temple overlooking Banganga Tank ghats is the domed Ganapati Temple, also built by Raghoba Jivaji Jayakar in 1842.
One of the latest additions to community spaces around the Banganga Tank is this marine-themed playground adjacent to Rameshwar Temple. This site was earlier used as a garbage dumping ground before it was revamped by the RPG Foundation as part of the Banganga Revival Project and is now a place of fun and games for the neighborhood kids.
The site of Parashuram Temple was once a garden owned by a lady, Hariganga Ranchhoddas Bhansali. She donated the land in February 1965 and the Parashuram Temple was built in that space overlooking the western steps of Banganga Tank. Parashuram is an avatar of Lord Vishnu. The Skanda Purana mentions how Parashuram threw his parashu (battle axe) into the sea to reclaim the narrow strip of land along the Konkan coast, starting from Maharashtra all the way to Kerala, which is also known as Parashuram-kshetra.