The answer is both, yes or no. It is because there is no separate building for Gym, in which you can get all the infrastructural facilities that are available in the so-called Gym along with the modern equipment.
However, you can get some of the Gym equipment in the hostel rooms. It includes mostly Yoga Mat, Dum-Bells, and Clutches and skipping ropes, etc. This equipment is generally purchased as per the decision of HEC (Hostel Executive Council). Thereby, if you know anyone from this council (HEC), you can get Gym equipment according to your choices. Besides, these are also kept then in the common hostel rooms.
If you are very much serious about Gym, then you can join the outside Gym of the college campus; however, the charges are very ostensible.