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I guess it depends on what kind of academic OP wants to be? If they want to get any old job and stick around one institutions for years and years and retire as middle management- sure go do your llm from some random college.
If you want to be able to find jobs easier, and learn new things and have a shot at reaching the peak of your profession- give yourself every opportunity to get the best education possible.
Look the truth is - as elitist as it sounds- the best reason to get a degree from a world class university is because it simply makes you better equipped to do your job. As an academic- the more exposure you have to different institutions the better. It makes you better at research and it makes you better at pedagogy. Post graduate degrees in Indian legal academia are by and large just not funded/ designed to really work. These universities barely have the faculty to properly teach the five year course let alone actually mentor and graduate masters and doctoral candidates of any calibre. There are some exceptions but maybe less than what I can count on one hand.
This isn’t to say that the students who attend these programmes are inferior- they are just stuck in choices they made.