HI ASPIRANT,
Mahindra University is a good college with good placement and faculty but it's level can't match with that of an IIIT.The quality of education which iiits impart are none of a match.Moreover the placement history is also very good in this iits.In Mahindra various companies come for placement but take a few students.If you don't get an IIIT then opt for this college.else I would recommend you to give IIIT the first choice.
Hope it helps
All the best....

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