Hi Tushar,
You can definitely take a drop only if you have a deep burning desire to make it otherwise there is no point in wasting a year as if you don't give your 100% it will be a waste. So just don't think about whether you'll get an IIT or not just think of giving your 100%.
But if you are not thinking that way then take admission in any good college you're getting and put in your best effort there and there too you can make it to the top. Whatever you choose, do it with full power.
Best of luck!!

If you want to specifically go into IIT then i would say drop this year and try harder next time, but if you don't want to waste any year and study in a good private engineering college i would say  dont drop. Rest is upon you.

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