If that’s your AIR, the answer would be NO. But, there is nothing to worry. Consider your other options and make a wise decision. Your future depends on this pivotal decision made in choosing your college.
If you feel confident enough that you can do better next year, drop this year and prepare seriously.
But dude, I warn you, think twice before you make this decision because you should not end up next year regretting that you opted for a drop. If you study sincerely, who knows, you may even get into IITs.
Other option would be take admission in any college you get and prepare for jee side by side. I know its difficult to manage both and maybe this may result in bad college grades, but you know this is the option left when you can’t put at stake your valuable time of one year. Proper management of time and sincere study should serve the purpose. Many of my friends attempted jee this way and one of my friends even got admitted to IIT Bombay.