Hey 

No won't get admission through management quota in vit because they allowed students who scored 1 lakh 10k in viteee so please don't get trapped in that they will ask you much amount or they will try to convince you that take admission in different colleges.

Yes. You will hve to pay much higher fees. This system is called the phase system. With your rank You can get in Phase 3 or 4.

Best of Luck!