I found a new place near Kanakapura road, about 35 kms. The place is called 'Bluemoon'. Its a farmhouse converted to a small resort.
They have a massive place set up for paint ball, a volley ball court, snooker table, table tennis and a huge lake which consits of banana boat ride, water scooter etc. The resort offers food and drinks as well. I was told since its not completely set up yet, he can give it for Rs. 700.
If you guys are okay with this, will double-check the cost again and book in advance, once we have a confirmed date.