The new Poona College, now known as Sir Parashurambhau College, was founded in 1916 at the hands of the British Governor Lord Willingdon.The college was renamed as Sir Parashurambhau College as a mark of gratitude towards the Rajasaheb of Jamkhindi state who donated a handsome amount of Rs. Two lakhs in the memory of his father.
The main building of the college is a heritage building, constructed in 1928. The other buildings on the campus i.e the Lady Ramabai Hall, Hostels, Library, Physics, Chemistry, Biology and Computer Science buildings were built subsequently.
The college has separate hostels for gents and ladies. The buildings are located on the college campus. The seats in the hostels are limited and admissions are granted on merit basis.