IIIT Raichur is one of the new IIIT's established in India by MHRD, government of India. It will be starting its first batch of B. Tech in computer science and engineering in the first week of August 2019.
As the mentor institute, IIT HYDERABAD will facilitate the functioning of IIIT Raichur in IIT Hyderabad campus itself.
Until the infrastructure of IIIT Raichur is ready the classes will be done in the campus of IIT hyderabad itself.
We can't tell how many exact years are required for the shifting of college.
Hope this information helps.