Both the colleges are equally good but you should go for NIT Surathkal because it is a well-established institute and has a greater alumni background. It is one of the top NITs which are better than a new IIT. IIT Bhubaneswar is a new IIT therefore it lacks proper infrastructure, alumni, and faculty.
On the other hand, NIT Surathkal is old and has proper faculty and alumni which is a plus point. The average package at NIT Surathkal was 11.90 LPA for M.Tech and 11.44 LPA at IIT Bhubaneswar. In 2019, there was a 69% placement for M.Tech students in IIT Bhubaneswar. M.Tech is considered a dead course in India because it lacks job options. But it is up to you, what you do with your post-grad degree. Both colleges will provide you a great number of opportunities.
College life of both the colleges is great but there is one thing that NIT Surathkal has that no other college in India has and that is it has an own beach. Environment wise both colleges are good. NIT Surathkal hosts the second biggest fest in south India called Incident.
Although the IIT tag offers certain advantages, you should choose NIT Surathkal because of its experienced faculty and better opportunities it can provide.