Hy dear, 

As you have opted for college according to your preference but you didn't get that particular college basically because marks for that College didn't match yours. 

Now you can take admission in the alloted college but u need to accept their agreement which you might face problem if you  change later and go against the agreement. 

You can wait for next rounds of counseling and see if you get a chance in the college you want  and have to wait now .

But i would advice that the alloted college is also a government college of vci and wont have much difference. So you better join this only as waiting for next counseling might end up your vetenary admission chances if seats get filled up this round only than you have to wait for vacancy which will be more hectic. 

Consult vci regarding the rules and regulations better. 

Good luck .