The ranking of Madras Institute of Technology doesn't really matter because there is no scope for Aerospace Engineering in India. It may sound very good in the beginning but after joining this course you will face difficulties. It will create a negative viewpoint for this course and you will feel like dropping this course after 1 or 2 years. 

The placements of this branch are also very poor due to less demand in the industry. Securing a job at Hindustan Aeronautics or ISRO will be a little difficult due to fewer openings. ISRO recruits most of the engineers from IISc, so you might have to wait for a few years to get a job there. You can also do MS abroad and then try getting a decent job over there. 

Though this is one of the most difficult courses in engineering, still no one cares much about it and thus has very less demand too. It will be better if you can opt for any other branch rather than choosing Aerospace engineering.