The more important question I feel is why we need more IITs?
If the answer is to produce more number of IITians then why not rename all the remaining engineering colleges "IIT"; and if the aim is to improve the quality of research in the country then you can upgrade the existing institutions without changing their name. Also the quality of research taking place within the existing IITs is no way near to the best in the world and more funds and better vision will go a long way in improving the quality of research in IITs.Increasing the number of IITs will destroy its exclusivity and its charm without effecting the quality of research.
If the government wants to upgrade other institutes to the IIT level then they are welcome to do so without changing their name. We can have a series of institutions rivalling IITs for both glamor and government funds. The competition can lead to an increase in the level of research in both institutes.