This answer would be exclusively based on how IIIT Lucknow is doing currently. To start with this, let us first understand what all factors together comprise to make any college a good college.

These include the following - 

• Curriculum- The entire curriculum that IIIT Lucknow offers is two separate courses. These are B.Tech in CS and B.Tech in IT. This sort of course structure is apt for anyone keen to pursue their career in the technology field. 
• Faculty- All the professors teaching at IIIT Lucknow are Ph.D. holders. But what you need to realize is that the faculty would not pay much heed to your skills and progress. 
• College life- IIIT Lucknow may not be able to fulfill that desire of yours to be exposed to aspects like sports, dance, drama, business, music, qualities of a budding entrepreneur, etc. Their sports ground isn't as big as other IIITs have. You would have two badminton courts, two tables for table-tennis, two carrom-boards, etc.
• Placements- Perhaps the most false claims about placements are made by IIIT Lucknow. All of IIIT Lucknow's placement credit goes to IIIT Allahabad. 

• Internships- No student was able to grab an on-campus internship for them in 3rd-year at IIIT Lucknow. And this is simply because of a flawed system and no lab facilities. No one in my knowledge had an on-campus internship and this doesn't happen in general.
• Fest- Lately, a technical fest was conducted by IIIT Lucknow. The students were happy and all excited but there are always bigger and better fests in other institutes. IIIT Lucknow is planning to execute a cultural fest, but accommodating the number of colleges will be a problem, as it is not spacious enough.

In case you're looking to join IIIT Lucknow in 2020-21, make sure you check out some Google images of hostels. The number of hostels is less. They have just one hostel that is cluttered with all the students from each year, including Ph.D. and M.Tech students.

According to the recent records, the placement of IIIT Lucknow is excellent, with a magnificent average and the highest salary package offered to students by top companies across the world. 

The table below gives a brief overview of IIIT Lucknow.

Key Highlights:

• With an excellent average and highest package, the 2019 batch marked an excellent 100% placement session.
• IIIT Lucknow offers a decent placement preparation through its own training and placement cell throughout the year.
• Some big names in the industry that has visited IIIT Lucknow are Directi, Google, Microsoft, LinkedIn, Goldman Sachs, Code Nation, PayTm, 1mg, Shipsy, MAQ Software, Collegedunia, Sokrati, TCS, Wipro, Amazon, Samsung, American Express, Cisco, etc.
• In the 2018-19 batch, the average CTC of top 50% and top 20% students placed from IIIT Lucknow are Rs. 13.75 LPA and Rs. 22.5 LPA respectively.
• The minimum package offered is close to 10 LPA.

Therefore, it can be considered that the placement scenario of IIIT Lucknow is quite good, though little below the IIT standard, excellent even being a new build institute.

Spread out in an entire area of 50-acres of land, IIIT Lucknow is itself in the fast-paced IT city of Ahmamau, Lucknow. Along with a functioning administrative and academic block. 

IIIT Lucknow is established in Lucknow, Uttar Pradesh. It brings forth modern university familiarity along with the towering structures, greenery, and modern architecture that are convenient for the physically handicapped. 

• Phase one of the construction has lately been completed and this brings us facilities of air-conditioned academic and administrative blocks that include several classrooms and labs. 
• A huge sports ground has also been made along with 102 hostel rooms that are for both boys and girls. Just after this is over, phase two of the construction has begun. 
• The campus location is super convenient as the airport is only at a distance of a 15-minute drive and the railway station, about 20 minutes. 
• The location of IIIT Lucknow is such that the core IT city near it, includes a good number of companies building their offices. Within a kilometers’ distance, there is the Ekana International Stadium and Shan-e-Awadh mall which is good for hanging out. 

Facilities

• Each hostel room includes necessary furniture including a table, study-lamps, chairs, bed, cupboard, power facilities, and an internet connection. 
• 3 of the guards are available for safety and security.
• The mess provides 4 meals a day and can accommodate 200 students at once. 
• They have 24*7 medical facilities. A residential nurse along with a visiting doctor is available. An MOU is signed with Medanta Hospital in case of a severe situation.
• Internet services are provided in each hostel room.
• Indoor games include- carrom and chess. While outdoors there are 2 badminton courts.
• Semi-automatic washing machines along with a laundryman that makes several visits are provided. 
• Wardens are available 24*7. 
• Other facilities include- architecture facilities that provide convenience to the physically challenged. There are lifts and a newspaper service too. 

The classrooms are entirely air-conditioned and spacious on the inside. Labs are included in the academic block equipped with the latest technologies.

A mini-auditorium is being built that accommodates 200 students. There is a huge ground to play volleyball, cricket, and badminton. There is a room convenient for indoor games. 2 table-tennis rooms are there along with a carrom board and chessboard. There is also a subsidized night canteen exclusively meant for packaged food items.

My brother is currently studying at IIIT Lucknow and according to him, the current situation is not as good as it used to be earlier. 

Here is why:

• As IIIT Lucknow is a completely new institute and as per the laws of MHRD, it was run under the guidance of IIIT Allahabad. Earlier there wasn’t any difference between the students of IIIT Allahabad and IIIT Lucknow. Even the placements of about 19 LPA were made by labeling them as IIIT Allahabad students. 
• But in 2018, a case was filed against them to make IIIT Lucknow a separate entity. This resulted in the speedy construction of campus and the hiring of amateur professors.

• The campus wasn’t completely constructed and the students have shifted there anyhow. There were some rooms that substituted for classes, one hostel, one mess, that’s all. To this day, they don’t have proper lab facilities too. You will be given laptops which are to be returned later.
• Now coming to the placements, in 2019, IIIT L somehow managed to get average placement packages of 11 LPA. But for 2020, they weren’t able to call a single company. They also couldn’t get interns for the last year as well as this year’s batch. IIIT Allahabad, on the other hand, had an average package of 22 LPA and it is getting better every year.

At the end of the day, IIIT Lucknow is facing a crisis due to no experienced faculty, no placement/internships, and no alumni base. This is a matter of your entire career so do not fall bait to people from IIIT Lucknow stating that it's better than any IIIT. There is no comparison of IIIT Lucknow with IIIT Allahabad or any top NITs.

Yes, there are full chances of that happening.

The students of IIIT Lucknow will turn this statement into a reality. The real worth of any institute is not measured by how many courses it has, or what is the infrastructure like, or anything; it primarily depends on the type of students study there. That’s the real quality.

• The seniors, juniors, fresher everyone here is full of enthusiasm and passion to perform well and achieve success at whatever they choose to do. 
• The score, IQ, academic performance, and everything matters too here. Dedication and sincerity are something that cannot be instilled into anyone artificially; that has to come from within.
• The support from the staff as well as all the professors is also amazing here and a very healthy competitive environment is forever encouraged. 
• The holistic development of the individual is paid extra attention to and not just scoring good marks and getting a decent score.
• Moreover, the recruitment statistics shown to you are real. There are no scams and no misleading data to attract the top quality of students. 

You can have a look at the data and verify the same in the table below:

Here, there are a large number of motivated batch mates, seniors, and faculty members you want to interact with to expand your horizon and achieve success in your field.