One of my friends at IIT Madras stayed in the hostel. So I might be able to give you some information about it. Here is the stuff he shared with me.
There are a number of rules and regulations to be followed but the bottom line is that the students could not care any less. They precisely live by not being troublesome to others in the hostel and having the freedom to create their own fun college life.
Loud music, smoking and drinking within the hostel premises are prohibited but if you find a neighbour who does not care about it then the problem is solved.