Four people living in a room is fun but this applies only if you are comfortable with sharing a room with them. Having a friend who graduated from IET Lucknow, here are some tips for you.
It's good because you get to learn a lot from each other and you enjoy the first and second year. You can even work seriously on some of your projects. Most of all, you can make some good friends.
However, if you are not comfortable you can seek a PG to stay in. From the third year, you will have two people in one room. There are some cons but do remember the advantages of staying at the college hostel.
It is up to you, what kind of person you are and how comfortable you are with others.