The concept of upgrading an already good institution is a misatake. The problem is the politics, why have an Eye wash IIT when we can have a new one, instituions take time to establish themselves, why this instant IIT, start from the scratch and allow the newly established IITs to come up with specialisations in the technological areas.
Think of it this way, is an instituin in America say MIT replicated by upgrading an already ok institution , how this ?