Bhavana is the daughter of Hindi cinema actress Shobha Khote and her husband, D. M. Balsavar. She has two siblings, of whom Ashwin Balsavar, is a sound recordist. She's an alumna of the Arya Vidya Mandir and an ICSE topper in standard 10. She is a graduate in dress designing and fashion coordination from the SNDT College.

She is married to the actor Karan Shah.^[6][7] Her grand-father Nandu Khote was a noted stage actor and in silent movies, whose sister-in-law was actress Durga Khote.^[8] She's the niece of actor Viju Khote.

Balsavar made her television debut in Phir Bhi Dil Hai Hindustani. Later,She appeared in Dekh Bhai Dekh as Sunita Deewan in a leading role alongside Shekhar Suman, Navin Nischol, Farida Jalal, Deven Bhojani, Sushma Seth, Vishal Singh and Nattasha Singh.Later she appeared in Zaaban Sambhalke which had Pankaj Kapoor, Viju Khote, Shubha Khote and Tom Alter in leading roles.Later, She appeared in Tv Series like Karamchand, Asmaan Se Aage, Oh Daddy, Askansha, Mrityu, Atit, Dam Dama Dam (1998), Hera Pheri (1999), Jugal Bandi, Karishma Kaa Karishma as Shraddha, Gutur Gu which was a silent comedy series (Bhavna Ahuja)(2010), Adaalat (Lawyer) (2010), Lakhon Mein Ek - episodic role (2012), Gutar Gu 2. She was in satrangi sasuraal and now playing a negative role in 'WAARIS'.

• Dhoom Dadakka (Angoori)
• Sukhi Sansarachi 12 Sutre

Television

• Phir Bhi Dil Hai Hindustani(tv series) (2002) (Saraswati/Saru)
• Dekh Bhai Dekh (Sunita Deewan) (1993)
• Zabaan Sambhalke (Ms. Vijaya) (1993)
• No Problem (1993)
• Karamchand
• Idhar Udhar (Katie)
• Asmaan Se Aage
• Oh Daddy
• Askansha
• Mrityu
• Atit
• Oh Daddy (1996)
• Hum Aapke Hai Woh (1997)
• Dam Dama Dam (1998)
• Hera Pheri (1999)
• Jugal Bandi
• Hum Sab Baraati (2004) as Bhanu (Chandu's Wife)
• Gutur Gu as (Babita Kumar) (2010-2012)
• Adaalat (Lawyer) (2010)
• Lakhon Mein Ek - episodic role (2012)^[9]
• Gutar Gu 2 as (Bhavna Ahuja) (2012-2013)
• Satrangee Sasural as Harpreet (2014-2016)
• Gutar Gu 3 as Babita Kumar (2014-)

• Andhyug