Colleges in Gujarat

No, IIM-A is not overrated.
It takes a lot to get to the top, and it takes a lot more to stay there for eight consecutive years. Indian Institute of Management, Ahmedabad (IIM-A), did just that, monopolising the No.1 spot in the BT Best B-schools survey from 2003 to 2010.
However, in 2011, its golden jubilee year, the country's oldest business school slipped to the third spot, coming in behind its namesakes from Bangalore and Kolkata.
The fall from its perch was stunning, but it appears to have been an aberration. IIM-A has roared back to the top in the 2012 survey.
The institute scored well on brand value and in equipping students with the skills to become ethical business leaders. It also did well on the quality of global exposure: student exchange programmes, lectures by global business leaders and participation in global forums. Where it fell short was in the living experience, return on investment and, in what should be a big cause for worry, the learning experience.

The choice totally depends upon your specialization of MBA course, whether you want marketing domain, supply chain management domain, finance domain, operations domain, etc.
IRMA is better in terms of course it offers.
IRMA offers Post Graduate Diploma in Rural Management and is among the best institutes in this field in India.
So, if you have an inclination towards rural management then go for IRMA.
On the other hand, Jaipuria Institute of Management is a decent college with decent placements and offers a variety of courses. They offer specializations like PGDM in financial services, PGDM in retail management, PGDM in service management and PGDM in marketing.
Rest are the secondary factors like location, infrastructure,faculty, campus life, etc.
So, depending upon the above parameters, you can decide which college you want to choose.