The difference between the two institutions is extremely marginal. Some might favour NLUJ over GNLU, while others might feel the opposite. Both are quality institutions that would facilitate your growth as a legal professional. They provide ample job opportunities, and if you perform decently during your time there, you will likely be awarded a job if that's your end goal. It is also important to note that both institutions have rather mediocre professors.

In terms of expenditure, GNLU is more affordable, and the environment is more laidback. However, the crucial point is that if you manage to get into either of these institutions, it is definitely worth attending, and taking a drop year won't be worth it at all. There is hardly any significant difference between these institutions and the Top 3 law schools in regards to placements.

Imho, the only issue is administrative in nature - expecting things to change with the new VC who should be joining this/next month onwards. Anyways, taking a drop won't be a good idea because both places are similarly placed. You won't lose/gain anything by option for one over the other. However, a drop means you lose one year and that is quite a lot.