As per the NIRF India Rankings 2023: Engineering, IIT Bhubaneswar is placed at the 47th rank.

As far as your question is concerned, it depends upon what facilities and opportunities you seek in your institution.

Here are a few parameters for assessing IIT Bhubaneswar:

• Campus: The campus is newly built and the facilities are continuously expanding. 

• Hostel Food: The food is like any other mess food, below average.

The Bhubaneswar Railway Station is 27 km away, and The Biju Pattanaik International Airport is 30 km away.

• Hostels: The Hostels are newly constructed and quite good. The hostel and the hostel rooms are one of the best among the IITs.The hostels mostly have single rooms.

• Accessibility: The market is located in Bhubaneswar City, which is a bit far from the IIT Bhubaneswar campus. The nearby railway station (Khurdha Railway Junction-6 km away) will solve travel-related problems.

• Faculty: The faculty is experienced and the professors are good.

• Sports Facilities- IIT Bhubaneswar provides plenty of sports facilities. These include - Basketball court, Volleyball court, Hockey field, Indoor Badminton Court, Cricket Field, Athletics Track, Football Field, Squash court, and Table Tennis 

• Placements-The placements are at par with the other IITs that were established in 2008, the placements are above average. The following table shows the placement stats for 2023: 

IIT Bhubaneswar is a good choice for pursuing your education. It is among the IITs that were established in 2008 and offers all the facilities and good placements, along with an IIT tag. Therefore, you can consider IIT Bhubaneswar.

I asked my friend who is a student at IIT Bhubaneswar if she ever felt an inferiority complex of studying in a low-ranked IIT. She said that feeling was inevitable and she did feel low to a certain extent. Some top NITs and private colleges are indeed better than IIT Bhubaneswar today but that doesn't mean IIT Bhubaneshwar is the worst. It's the quality and passion of students that make a college worthwhile, not its ranking.

The students here know that they aren't any less than other IITians since it was only a matter of a few marks that differentiated them and are proud of the IIT tag nevertheless.

IIT Bhubaneswar has indeed proven its worth given its broad alumni network in every big company. It may not have been able to attract the highest packages but its alumni can be found in every firm be it Apple, Flipkart, or Tata Motors. IIT Bhubaneswar has given birth to many entrepreneurs as well. Top foreign universities have IIT Bhubaneswar alumni as scholars contributing largely to the academic world. 

Ultimately, the feeling of being a part of the IIT family takes over the inferiority complex the students of IIT Bhubaneswar have and they try to make the most of their college. 

Yes, an engineering aspirant might be taken aback the first time they come to IIT Bhubaneswar as it's a kind of a disappointment to the IIT tag and nothing as the students imagined. However, like every coin has 2 sides, IIT Bhubaneswar has its pros and cons that will help you understand the feelings of a student there.

Pros

• IIT Bhubaneswar being a new institute allows the students to innovate new things and bring fresh changes to the institute. This helped their managerial skills.
• The small batch size means every student will be involved in the college activities some or the other way thus maximizing exposure.
• The seniors guide their juniors as they know they need constant assistance this strengthens the bond between juniors and seniors
• The institute helped the students' overall personality development because of numerous opportunities and exposure.

Cons

• My friend had to travel 2 hours daily to reach the main campus and was not able to stay late because the last bus left around 9.
• There wasn't any place for girls to stay in between classes while boys can go to the hostel. 
• The institutes have very poor faculty strength and thus limited electives are offered.
• The quality and taste of food served is pathetic.

My friend considers IIT Bhubaneswar a decent choice as the opportunities and exposure here will overshadow the minute flaws of the institute. 

The IIT Bhubaneswar is indeed a preferable choice for Mtech along with GATE preparation. One of my friends did the same and got selected in ISRO, BARC, and NPCIL. Though, full-time preparation will not be possible as time has to be given for Mtech too. Most of the faculties are very supportive of job-seeking students, though not all.

• The best time for preparation is during the weekend when the classes are off. You can also spend a few hours daily on weekdays for the preparation after the classes. 
• There is also an ample amount of free time available after the completion of each semester.
• The most inspiring aspect of pursuing Mtech along with GATE preparation is the syllabus of MTech. It covers a lot of topics such as advanced thermodynamics, advanced heat transfer, etc which are helpful for the preparation of GATE. 
• Various of my friend's classmates also got selected in various organizations such as IES, IOCL, BARC, ISRO, OPSC, ONGC, BPCL, etc. The students who failed to get selected through GATE got placed through IIT BBS placement.

So, if you are thinking of preparing for GATE, along with your MTech, you should definitely go for IIT Bhubaneswar.