Hey Gautam

IIT Madras is one the best colleges that our country has. No doubt that it provides high quality education and research. Here you can find the best of the brains. Considering your query, well yes Aerospace at IIT Madras is a good option to go for, but if and only if you are interested in that field. Do not just blindly follow the statistics and sayings. If you are interested in topics like Aerodynamics, fluid mechanic, rocket propulsion, etc. then you should definitely consider this as an option as the environment that you will get in this college is astounding. Just consider the cons as well. In India, there is a little less scope for aerospace engineering, so if you just want a good package, it's tough. You could although go for non core sector for placements( basically that's where most of the students land up).

I hope this helps you. Feel free to ask any other queries. 

Regards.