No, it is not necessary. If you really want to get into the particular college, you should go for the seat you are being provided. Later, the seats may get filled and you'll not even get what you are getting right now. It is really difficult to be sure in such cases and moreover, you can never be too cautious.

On the other hand, if you are not at all interested in what is being provided, don't go for it, even if it's in one of the top colleges because later you may feel like you shouldn't have. Don't take any decision in a hurry.