The administration has also informed the students that an official document detailing the hike will be released on 7th July.
This is the third in a series of protests held by students over the last two months that has finally yielded some result.
"With the new fee structure, there is an increase of up to Rs 8,000 to 12,000 per semester for each student. This goes up to anywhere between Rs 17,000 to Rs 24,000 each year per student. This is a massive fee hike for students. It's not like everyone is from a well-off family. There are many students who come from rural areas who also have to support their families. This is problematic from them and hampers their education. At this stage, they should only think about their education," said a protesting student.
The increase in the fee structure had been imposed from this academic year. The proposal has prompted protests by students who feel the hike is massive and unjustified.
While the IIT council of the Education Ministry fixes the tuition fees for all IITs, which was last increased in 2013 from Rs 50,000 to Rs 90,000 for undergraduate students, the institutions themselves can decide hostel, mess and other amenity costs. In the last five years, students of IIT Kharagpur, Indore and Madras have also held similar protests against high hostel costs.
"Things are getting costly due to inflation. So even for us, as an institute, maintenance has been a problem. On the other hand we are also increasing facilities. We have added many new facilities in the gym for the students, hostels are being improved. So if there is improvement, then somewhere or the other it's cost also increases", said IIT Bombay spokesperson Falguni Banerjee Naha.
The agitating students are getting some high profile support as well. Member of Parliament Shashi Tharoor has also tweeted in support of the students: