Drop a year or join local Mumbai University college
Dear student,
It depends totally on you. If you are strongly determined that you want to pursue studies from IIT or any other top college only and that you can work hard and make it to that college the next year. You can think about dropping.
But, I would also say you would have to stay focused and consistent about your studies throughout the year.
If you have any doubt regarding your preparation or any other doubt you can also choose to take admission.
It also depend on every individual's capabilities. So,It is totally your call.
Make a wise decision.
Good Luck!