Without any second thoughts, I consider IIT Bombay a much better option than IIT Delhi. Some reasons that speak in favor of my opinion are

IIT Bombay enjoys a higher locational advantage as well as a better-equipped campus.
While both IITs have a decent Research culture, IIT Bombay is at a level higher than IIT Delhi in this aspect. It has a larger number of Papers and Patents to its credit.
The ambiance at IIT Bombay is rather chill with no strict rules and regulations. You are free to do anything and no restrictions are imposed on dress code or LAN.
IIT Bombay has a better climate than IIT Delhi.
IIT Bombay enjoys the advantages of being a Financial capital with additional opportunities for the non-core sector.
IIT Bombay has a few BS programs like BS Economics, Mathematics, and Chemistry which are not present in IIT Delhi. These programs are a bridge between engineering and applied science and render a wide scope of research and at the same time, applied fields.
IIT Delhi has extra BTech programs like BTech Textile, BTech, and BioTech. The students of these programs usually go for non-core jobs and corporate life.
IIT Bombay welcomes a number of eminent personalities. Some recently invited personalities include PM Narendra Modi, Brett Lee, Sadhguru, Yami Gautam.
IIT Bombay has amazing hostels for freshers.

So both the institutes are elite in their own essence but nowadays IIT Bombay is a clear winner between the two.

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