The Rankala lake is named after the god Rank Bhairav , whose shrine is located at the heart of the lake.The temple was built by Chhatrapatis of Kolhapur. The lake is located in the west of Mahalaxmi Temple, it is said that its deepest area was created due to quarries of stones which were used for construction of Mahalaxmi temple. The lake is surrounded by beautifully landscaped gardens and a Choupatty. At the Choupatty tourists can enjoy a number of local delicacies and ice cream. Different Swings and slides have been placed in the gardens for the children.Watching the sunset from this place is a mystical experience.