Dear Karan,

Yes , you shud opt IIT ..IIT is brand name and the top institute in India.. Also your rank is quite good..with this rank you can easily get a branch of your choice in old IITs ..  The IITs receive disproportionately high grants compared to other engineering colleges in India .. Also the top meritorious students from various parts of country ..This combination of success factors has led to the concept of the IIT Brand.. 

In international surveys however, the IITs fail to achieve the highest rankings, though they figure in most lists of top engineering institutions.

IIT Bombay was ranked 30th in the world in The Times Higher Education Supplement- QS World University Rankings 2009 - Engineering/Technology.

The Times Higher Education Supplement (2008) ranked IIT-Delhi and IIT-Bombay 157th and 174 th best overall universities respectively in their World University Rankings.

The THES also ranked 5 IITs in the top 100 globally for technology with IIT-Bombay ranking the highest at 36th.

For Natural Sciences, IIT-Bombay ranked 77th and was the only IIT to feature in the 2008 rankings.

All the Best !