The simple answer is No.
An ‘IIT’ tag is not enough to make a college great. It takes a long time to become a brand. The 7 old IITs didn’t become a brand overnight. This happened decades later, after their work gained recognition.
The term IIT generally recalls the 7 old ones, both inside and outside of India. 3rd Gen IITs will first have to reach the level of 2nd Gen IITs, which are themselves struggling to attain credibility. Over here, credibility means brand value and recognition.
Thus, IIT Dharwad is not that good. It was established very recently, so it’ll take a long time to become a reputed IIT.