Generally, the choice for placement of bus stops at or closest to intersections is to facilitate commuters with easy access to it from any direction (ie. from any one of the four 'arms' of the junction). A second advantage is much easier interchanging of buses by commuters.
In this case, it would be better to have bus-stops at bays closest to the signals, or merge the signal stops for buses with bus-stops as shown in the sketch. This may also provide some priorities for buses & make it easier for commuters, by & large.
If bus bays are provided (as shown), taking a free left by buses can be made possible anytime, since it will not conflict with other traffic. However, since pedestrian crossings have to be provided under the flyover along Hosur road, free-lefts would have to be removed for all other (mixed) traffic, except buses.
There is still an element of danger in allowing free-left for buses since it might overlap with pedestrian crossings across Hosur rd, but with some measures (such as elevating pedestrian crossings, signage, etc.), this can still be made possible safely.
Headroom below the flyover will keep diminishing as one moves away from the junction + there will be more frequent pier obstructions. Hence, space below the flyover ramp is best utilized for pedestrian facilities. If bus stops are located below the ramp, it would be cumbersome for entry & exit of buses & would also have to be closest to the junction because of limited headroom further away. Also, there is the danger of conflicts between buses exiting out of such bus-stops & moving vehicles on adjacent lanes.
If signal delays have to be eliminated along Hosur rd, the only option is for buses to go over the ramp, but this would mean retaining bus-stops before commencement of the ramp on each side, which would mean longer walks for commuters bound for destinations on three of the four 'arms' & also for interchanging buses.