Bandara shot one-over 73 to take his total to 217, three shots clear of India's Samarth Dwivedi, who fired a two-under 70 for a total of 220.
Prince Kajotia was third, followed by compatriot Amit Kumar, returned a card of four-over 76 for a total of 224.
India's Pratap Atwal, whose best score on this course is seven-under, returned with two-under 70 for the total of 225 in a tie along with Dhruv Sheoran who shot four-over 76 for the total of 225.
He was level par after front nine but bogeys on 11th and 17th and a birdie finish got him one-over in total.
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Not too impressed with putting, Bandara said, "I could have been three or four under today if I would not have missed short putts on first, 8th, 11th and 14th. I was also confused at some of the holes as my mind was saying something and my caddy was saying something else."
Two Pakistani players Sardar Murad and Amir Mehmood and Indian K. K. Bajoria withdrew from the tournament.