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Well i don't think that there is any such thing called first come first serve basis anywhere, what i know that you will get admission in mhcet on the basis of your marks in exam.
regarding the flost option, if there hapens such a cs that you don't get a good college in 2nd round, then i don't think that your flat option should be revoked. But you can confirm this by asking to the competent authorities of mhcet.
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