No! No! Heck No!
I graduated from SRM in 2017 with a degree in Biotechnology and I can assure you that it is not worth paying 16 Lakhs and in fact, it is not worth paying that much for any UG degree (especially from any private university).
Look, the department is good. I won’t deny that. The standard of education, the facilities and lab exposure are phenomenol. In fact the teachers take in student interns right from second year to train them in various specialisations. But the placement scenario is bad. If you are planning for pursuing MS from a foreign university then you won’t have to worry about recommendations and things, but we barely have 1 or 2 core companie visiting the department. So as a fellow alumini rightly said, not worth paying 16 lakhs for a 3.5 lpa job. Education is basically an investment. For eg., MBA has the highest return of investment, provided you get it from a Tier 1 college. The same goes for engineering.
I recommend you look for other alternatives if you have any. I say this for all private Engg colleges- do not pay that much to get your UG degree.