
Which offer to choose?
I have got 2 offers, one for Hyderabad location (14.5, all fixed, as they have shared space office as of now, so initially it would be WFH & once they get a proper office after some months, 2-3days WFO hybrid), & one for Pune location (16 fixed, plus some variable and other benefits, hybrid from Starting, 2days WFO)
Is it worth to do WFO from starting for more money or settle for less now & go to office after some months? Are there any real pros of WFO? I haven't done WFO in my 3 year IT
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Pick the pune

Pune anyday ! Hyderabad's cost of living is very very high compared to Pune and infra per capita is quite low, every place is super crowded.

Well, if you are going to have WFO with the lower paying one eventually anyway, I see no point taking lower pay for an entire year so you can WFH for a couple of months. It would be one thing if the lower paying one was WFH for an entire year or more.
As far as the question of WFH vs WFO is concerned, there are pro and cons to both but I would suggest you try WFO. It has its own pros. Especially for people in early stages of their career.

Pune