Namaskara Chetan avare,
Well congrats for getting water in bore well.
I understand that you have drilled borewell upto 700 feet and planning to cultivate the banana through flood and subsequently through dip irrigation.
I am banana farmer and my farm(3 acres) is located in Kadapa dist of AP and we operate only on dip irrigation for the reason said below. In the year 2011, we had drilled bore well of 680 feet and fixed submersible pump of 20HP X 20 Stages TEXMO brand pump Model No:15AT/20 and it will discharge 50 feet water for each stage i.e. 50X20 = 1000 Feets (theroy) but practically it will discharge upto 46 feet for each stage i.e 46X20=920. Initially we lower pump upto 550 Feet and last year(2013) we further lower upto 650 feet. This year in the month of July’14 further drilled borewell to 888 feet and lowered bore well upto 750 feet and operating smoothly as of now and we always run only on dip irrigation to save water because 100 feets of water level is going down every year because of no rain.
Many farmers in the same locality operate the pumps at 800 to 950 feet and there is no problem with TEXMO brand pump. There are many brand available in the market and my recommendation is go for TEXMO to avoid problem. I have seem many farmers buy locally made pumps and motors (Chintamani pumps) @ 35000/- and it will serve only for one or two years. But texmo will cost around 86000/-(present) and will do no harm for few years.
What is the type of submersiable pump suitable for you?
Ideally for you any 16HPX16 stage pump with each stage pumping upto 40 feet (16X40=640 feets) should be sufficient for you. Considering water level lowering day by day and year on year. It will be better you go for 20HPX 20 Stages with each stage pumping upto 50 feet and any how current is free for agricultural sector. so my strong suggestion is to go for 20Hp X 20 Stages Texmo pump 15AT/20.
How much depth you have to lower the pump?
While lowering the pipes, one will feel the water table and from there, it is better to lower 100 feets down. for example say ur water table is 400 feet, lower your pipes up to 500 feets. So that it will serve your purpose atleast for one or two years depending upon rain.
Where will you find dealer to buy pump?
There is a many dealers in bangalore. pl google. They will supply on need basis and there will be no ready stock in bangalore.
I donot know weather you brought pump or not. sorry for later reply.
You can reach me on yramesh2003@gmail.com for furhter quirey.
Good Luck. 
RK