Institutional Repositories have become an important topic in research libraries in the past few years. It is a possible solution to some large problems of scholarly communications. The libraries should take a key role to establish the institutional repositories to preserve and make accessible the digital content of scholarly publication. Present research intends to adopt a survey method and observation method for that Data collection purpose. Present study shows that institutional repository initiatives are still in development phase where more action plans are needed. The initiatives undertaken by the eight research institutes in Mumbai and Pune cities (India) towards building institutional repositories have also been highlighted and evaluated. The study explores the essence of developing institutional repositories as a hidden treasure to the research community providing the conceptual development.