Hello Aspirant,
Both are recent IITs , hence there is not much of a difference in the quality . IIT Palakkad , though established very recently has included a lot more than what can be expected out of a new IIT . Both have excellent faculties and other facilities like lab , library , gym etc. In terms of placements Bhubaneswar might be tad bit better because it came before, recently Mech department has 80% placements and the companies that visited the campus were Goldman Sachs, GE India, Honeywell, Maruti Suzuki, Mahindra & Mahindra, Infosys, TCS R & D, and Adobe etc.However, IIT Palakkad has also shown good and successful placements recently and some companies which visited were Mathworks, HSBC, Paytm, Arista Networks etc. 70 % students were placed and it is continuously improving . So if placements are you only priority then go with IIT Bhubaneswar. Otherwise choose based on which subject you like more,job growth in future ,your career goals , the location etc.
All the best
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