I’m not sure where you are getting this 5 lakhs figure from – that would just be ridiculous. As far as I know, it’s around 3.5 lakhs. This ridiculous increase in fees has been witnessed across IITs and NITs as well, and it’s just sad.
I can tell you that BITS is a really great college. I studied and graduated in a time where the fees wasn’t so ridiculous, and I can say for myself that it was more than worth it. However, your financial situation is something that you know best about. If you have a constrained situation, by all means, go for the college that suits you the best.
EDIT – Found out that fees has indeed increased to almost 4 lakhs per annum. I don’t know what to say, except that had I been a student today, I wouldn’t have been able to afford it. And that is the truth