How good is IIM Lucknow?

The faculty is adequate but not exceptional. The quality of hostels varies considerably. Which hostel you get depends on your chance. Peer group is once more acceptable; they aren't particularly talented, but you can't also say they aren't talented. Mess is acceptable. There is a canteen where you can get more tasty but unhealthy food. Every room has a high-speed internet connection. Everyone is assigned a single room so that they can learn to be self-sufficient. Although the curriculum is demanding, the workload is manageable. You have plenty of free time to relax. 

The cost, which is high but not as high as options A, B, and C, is an important consideration. Therefore, only go there if you can afford it. Only a small portion of what you learn in school will apply to real-world situations, but you will learn a great deal outside of it.