Will the cutoffs for iiit allahabad (IT) 5 years decrease sharply this year?

You can expect that. The placement statistics have been steeply rising and the cut offs have been dropping at more or less the same rate. This year alone 370/370 students were placed. The average CTC stands at 11.2 LPA. So expect the cuts offs to get tighter. It was around 6k last year. Might come down to 5 or even 4k (This is for the 4 year courses). Expect a similar trend in the 5 year courses too.