[A2A] In my days, not very long ago (only 10 years), quality of education was the most important factor. Money was important, but it was not as blatant. I had no idea how much money IIT students make when I entered IIT Delhi. Unfortunately, 10 years have degraded Indian society quite a lot, when only thing that matters is money. I agree that it is ridiculous that placements should be the only factor that determine the college's ranking.
Having said that, the education is not the same in all colleges. You have to consider the quality of teachers when you look at any college. For undergraduate education, IITs have the best teachers because of the reputation of the college and their salaries. The private colleges don't pay their teachers well and they have unrealistic teaching loads. One of my M.Tech. students, who is on a break from a private college, told me that he has 20 lecture hours of teaching load. How can a human being teach 20 hours in a week? When will he get time to prepare for classes and other activities that the colleges have the teachers do. Other than the 20 hours, he has to take 8 hours of lab per week.
So, please talk to the alumni of that college, if you want to make a realistic determination of the quality of education in those colleges. Don't look at the placements. Talk about the quality of teaching and you can determine the ranking of a college for yourself.