District and Sessions Judge L D Bile while granting bail to Gaikwad, a sanatan sadhak (follower), asked him to surrender his passport to the court and mark weekly presence at a police station.
The court ordered Gaikwad's release on a personal bond of Rs 25,000.
It also barred Gaikwad from entering Kolhapur district and restricted him from leaving the state.
Comrade Govind Pansare and his wife Uma were shot at on February 15, 2015 while on way back home from a morning walk.
Five days after the attack Pansare passed away at a hospital in Kolhapur.
The police arrested Gaikwad on September 15, 2015 on the basis of his suspicious telephonic talks.
Chargesheet in this case was filed in December 2015. The court had earlier denied bail to Gaikwad on two occasions.
Special public prosecutor Harshad Nimbalkar opposed the bail plea arguing that if released on bail, Gaikwad would pressurise witnesses or abscond.
Nimbalkar also cited statement of a witness in a supplementary chargesheet which mentioned that the number of attackers on Pansare could be four instead of two and as such custody of Gaikwad was necessary to get some more details.
The supplementary chargesheet was filed before the court on Friday.
Advocate Sameer Patwardhan and Advocate Virendra Ichalakaranjikar represented Gaikwad in the court.
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