The point is there are tons of sub-standard institutues, but they dont charge a bomb like IIPM.
And no its not IIPM's fault, all institution have similar rules. I remember during my MMS (University of Mumbai) course, we had to pay a non refundable fee if you want to book a seat on the 1st round of results, so incase in 2nd round we get admission in a better college. We lose the initial money. If you wanna spend 2 yrs of a critical point in your life, and a considerable sum of money. You have to do a lot of background research and have to risk your money, there are no two ways to it...