Early European visitors to Walkeshwar mention the site as a 'Brahmin village'. The ghats surrounding Banganga Tank are maintained by the Gaud Saraswat Brahmin Temple Trust. The materials required for performing ceremonies, like flowers, incense, and coconut, are arranged by hereditary Brahmin priests from diverse communities living at Walkeshwar for many centuries. They conduct a variety of Hindu rituals like thread ceremonies, childbirth, marriages, cremation rites, morning and evening libations, and offerings of pitripujas and shraddh.
The lingam worshipped in the garbagriha of Walkeshwar Temple is said to be swayambhu (self-manifested). The lingam has a brass kavach (armor) and is protected within the coil of a brass Naga (serpent). It is believed that this lingam was brought from Varanasi by Lakshman, hence Walkeshwar is also referred to as Lakshmaneswar.
Siddheshwar Mahadev temple forms part of what was once known as Jairamgir Bawa’s Math, where samadhis of ascetics of the orthodox Giri Smarta sect were erected. The samadhis of the founder (Jairamgir Bawa) and two other ascetics were also built here. The temple overlooks the Banganga Tank and is noted for its arched gateway, grayish-blue basalt walls, pyramidical shikhara, and compact sabha mandap.
The sabha mandap inside Rameshwar Temple has retained the wooden ceiling and timber pillars. In 1934, a local merchant, Lallubhai Tribhuvandas, gifted the marble floor in memory of his wife. Rameshwar Temple was renovated in 2005 by the Indian Heritage Society Mumbai, with funds donated by Narotam Sekhsaria Foundation.
Towering skyscrapers built on Malabar Hill overlook Banganga Tank. In the 18th century, the hill was densely forested and visited only by Hindu pilgrims and Malabari pirates. Later, in the 1880s, the British Governor shifted Raj Bhawan from Parel to Malabar Hill and the neighborhood has since been one of the most sought-after real estates in Mumbai.