All festivals are celebrated with the same zeal, that doesn't make you miss your families.
Fest is something, you can not miss on. You will definitely remember your fest days if you are from NIT.
PLACEMENTS : At the end what actually matters is your placement. So, NIT provides you vast range of placement opportunities. Like 4 years of engineering is worth a survival.
When your exams approach, only then you study. Most of the population doesn't study the whole semester.
In short, Life in NIT is meant to blossom your life.