One of my friends scored lower marks in GATE and has the option to choose between IIIT Bangalore and lower NITs only. She decided to take a drop year and surprisingly got even lower marks. She decided to take admission to IIIT Bangalore on the basis of the previous year's score.
So, before making an impulsive decision, always ask yourself what exactly you are seeking from your degree. Is it a high package? If yes then can’t you tolerate a good product company for the next few months and get a job? Also, if you are interested in research, then it’s better to consider better options like the top IITs.
Make a well-informed decision after considering all facts and figures.