Where is this IIT located?
IIT Bhubaneswar is situated in Orrisa which is located on the eastern coastal plains of India and on the south west bank of river Mahanadi. It has a vast campus of 935 acres. The campus is sufficient for 10,000 students and 1100 faculty.

Is there any hostel facility available?

No, as for now no hostel on the premises is available because the construction is still going on. This IIT is established recently and it will take some time.

How much time will it take for this institution to get fully equipped and established?
This will take around four years.