parameters for deciding best institute is individual centric and not NIRF or TIME or any other so called rating agency.
I discuss my criteria for choosing best PGDCA/MBA college for my sons who did MBA and are placed with good CTC.
One of My son did BTech in computer science fron 1st tier Deemed university (preference over New IIT).
I chose 1st tier deemed university for two reason total expenses for acquiring in BTech degree and close vicinity to my work place (so he can visit family with regular interval) and Return on Investment compared to Newly opened IIT which is strugling to stand on feet and fee and distance from home. He got placement in bluechip software company with decent package in campus placement as well admission in MTech (again newly opened IIT). He appeared in CAT, XAT and IIFT exam for PGDMA/MBA as he was interested in doing MBA only.
He got good score in CAT and again got admission in baby IIMs and later in wait round PGDM in agriculture in IIML.