My brother was in a similar dilemma as he wondered if spending high fees and 2 years of his life at a new IIM was even worth it. But eventually, he joined it and today he is glad he took the decision. Some major reasons for his satisfaction are 

• The amazing exposure he could experience through Corporate Competitions, Live Projects, and Guest Lectures.
• Interacting with industry experts and top-notch visiting faculties from throughout the country.
• The innumerable student activities like Management fest, AGON & Sports and Cultural fest, and RUSH made it possible for the students to promote their talents at the National level.
• Some of the best Clubs and Committees that improve your organizational as well as extracurricular skills.

So yes, joining IIM Ranchi for an MBA is worth every rupee and every second you spend.