I would suggest you should take NIT Warangal Mechanical .........as placements in  mechanical core   in NIT Warangal are as good as any IIT's for tht matter.(may be differing 2 or 3 companies). highest package offered is Schlumberger 34lpa.. for 2008-2009 batch...  You have large gamit of mech core companies visiting campus.... like Tata motors, Crompton greeves, Bajaj Auto , John deere, FMC, Shell (>12 Lpa) , Jord Engg (19 lpa), Haliburtton -HLS Asia (11 lpa), Godrej, and all sorts of PSU's ranging from IOCL,BPCL,NTPC, etc..etc..    and also apart from this people have also got into various consultancy firms like ZS Assosciates(10 lpa), and Software compnies like Oracle(6.5lpa), and Goldmann Sachs.....   and also regarding research activities faculty is good with good lab facilities in it and people from here have got into  MS courses in worlds prestigious institutes like Stanford, UCBerklely, Univ of Illinois.... I would suggest for it as you would also be carrying a good amount of brand NIT tag along with you in future.
						

							
 
Dear Gopi,
 The best college you would be getting according to the national ranking of colleges is NIT Warangal ( even better than some of the IITs ).

 Regarding the new IITs, one shouldnot for it right now as they are just started and they lack proper administration , managemant and facilities.
At your place  i would have opted for NIT warangal, Mechanical as the branch also is the best.
Thank you.