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Definitely BITS Pilani. BITS Pilani is ranked above the existing IITs every year, and comparing it with a new campus-less IIT would be blasphemy.

For more information, look here:
http://en.wikipedia.org/wiki/Birla_Institute_of_Technology_and_Science#Reputation_and_rankings

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Q: Who is better bits pilani mechanical branch or new iit rajasthan mechanical branch for future prospects?
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