In modern Indian context, Bhavan still means a palace, e.g. Vidhan Bhavan ⁽¹⁾⁽²⁾
(1): https://en.wikipedia.org/wiki/Vidhan_Bhavan,_Nagpur (2): https://en.wikipedia.org/wiki/Vidhan_Bhavan,_Lucknow
(1): https://en.wikipedia.org/wiki/Vidhan_Bhavan,_Nagpur (2): https://en.wikipedia.org/wiki/Vidhan_Bhavan,_Lucknow