I have quite a few friends at VJIT Mumbai, so I can speak for the institute. After IITs, it is quite reputed among students. People from outside of Maharashtra may not be aware of VJIT but inside the state being a student of VJIT is a matter of pride. 

If we make a comparison of engineering colleges nationwide, it will be IITs from tier-1, followed by few NITs, and after that colleges such as VJIT for the following tier. 

VJIT is an old institute with a huge brand value. Many reputed MNCs visit the campus for the placement drive. It is less recognized but ‘underrated’ is probably is the wrong word to describe it. 

The following factors are the reasons who most people are not familiar with the institute. 

• It is a state college, that limits its appeal to a great extent. Students, parents, and media all alike give far more important to national colleges/institutions by default.
• As students outside of the state of the institute do not know about the college, they do not apply and thus the diversity is heavily skewed.

So, VJIT may not have national recognition but it is quite reputed inside Maharashtra.