If you are coming on an EP, your employer will have to furnish your accommodations, otherwise, you are going to be better off to stay in India. Have you checked the
EP eligibility tool on the MOM site? If your university isn't listed, you might not even get an EP at all, Q1 or otherwise. Do you already have the IPA? (In Principle Approval letter) If so then you are good to go, with the exception of the housing issue. It's possible to find a room in an HDB (Gov't) flat but that will set you back around 600-1000/mo. Renting a room in a
condo will cost you at least 1000 or more.
So, if you can look at it as overseas experience, AND you already have the IPA then do it. Otherwise, check the tool as there is only ONE prestigious university in all of India (from a worldly standpoint - not an India one) and that is IIT.