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.
The southern end of Banganga Tank had many dharamshalas (rest houses) for pilgrims who stayed for long periods. These were not open to the general public but affiliated with certain castes, professions, or geographic regions. Over time, the Dharamshala has been modified and converted to residential spaces by the current occupants.
This heavily eroded panel is placed on the steps leading down to Banganga Tank. These stone panels are believed to have been part of from the old Walkeshwar Temple built by the Shilahara rulers. After the temple was demolished by the Portuguese, many of the broken pieces were salvaged and now lay scattered around the tank. The British took some of the better-preserved carvings to England and are now displayed at the India House Museum at South Kensington.
Over the years, there has been a lot of encroachment on and around the Banganga Tank that has considerably altered the size, ambience, and historicity of the sites. It is due to the activism of citizen groups who were concerned about the deterioration of the tank that the Banganga complex was declared a heritage zone in April 1995 under a notification of the Urban Development Department of the Government of Maharashtra, known as the Heritage Regulations for Greater Bombay 1995.
Jagannath Mahadev Temple was founded around 1858 by a Bombay merchant, Lakshmidas Jagjivandas. The temple is noted for its mix of elements of past and present, such as use of asbestos shade over the sabhamandap, intricately carved wooden brackets and use of bathroom tiles in the garbagriha replicating the artwork of Raja Ravi Varma. The inner sanctum houses a stone lingam and is mounted with a Nagara style shikhara.
Jagannath Mahadev Temple features a turtle in front of Nandi, both facing the garbagriha. Various theories explain this arrangement seen at all Shiva temples at Walkeshwar. It is believed because a turtle can retract within its shell, it symbolizes withdrawal from the material world (moh-maya) and entering a state of samadhi (meditative consciousness).