In his will, Mahadevarao has explained the aims and objectives of the Institute very carefully and clearly which are:
1. To publish books in Sanskrit on all subjects of Hindu religion as well as Indian culture and to collect, store and preserve manuscripts in Sanskrit making them available to future scholars and researchers.
2. To build a temple of Shrisachchidananda Shivashankara on the second floor of the library building.
3. Provide lodging and boarding to the students coming to Pune for the Maharashtra. They can study any discipline for subsistence but should invariably possess very good character.
The learned sadhus and sanyasis should also be allowed to stay there for three days. The executive running the institute should also be well- educated and of extremely good character. He assigned the responsibility of the construction of the building together with the temple on Rao Bahadur Dadasaheb Kanitkar, who was the Municipal Corporation, Pune at that time.
There are four major divisions of the Premises of the Institute:
1. Library | 2. The temple of Shrisachchidananda | 3. The hostel for students