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Hi,
As per the reports, in the top cut off marks till 197, there are nearly 1000 applicants who are eligible for NEET also. Since the engineering counselling has started before the medical counselling, there are chances for the medical students who are among the above marks to attend the counselling. So, this could make the engineering aspirants to lose some top colleges.
But with a view of engineering alone, you need not think like that unless you don't have the required cut off marks.
Since your cut off is 0.5 marks higher, you can easily get it this year irrespective of medical counselling.
There are no chances of increase in cut off marks due to less number of applicants and the huge number of seats available. It could decrease but there is no information.

Dear Vikash, Both are better universities and we cannot compare each other as every university has its own identity. Now, being alumni of LPU, I would like to share information about LPU. LPU is spread over 600 acres of campus having 30000+ students and 3500+ faculty and staff. Many students come across the world which makes me feel like I'm in a foreign country. LPU offers more than 200+ programmes every year in different fields
Good Placement: Every year more than 500+ companies including national and multinational companies visit LPU for placement. A few of them are Microsoft, Amazon, Adobe, etc. In which they are placed. The maximum package available for the Engineering programme is 42 LPA till now. Scholarships: LPU provides very good scholarships to bright students with good academic records, sports, or extracurricular activities achievement. LPU also helps students in the Education loan facility. Faculty: All faculty members are well qualified from IITs, NITs, Iims, and top-ranked universities all over the world. Infrastructure: All the facilities are available on the campus itself, a student does not need to go outside for anything. On the campus, Central Library, Hospital facility is available 24*7 for staff and students, Shopping mall, Indoor Sports Stadium with 3 Olympic size Swimming Pools, Public/Private Sector Banks, ATM, etc. Ranking:
1. For Focus on Affordable and clean energy, LPU has 1st rank in India
2. For Decent Work and Economic Growth, LPU has 2nd rank in India
3. Among the top 80 Universities in India
4. Among the top 90 engineering colleges in India
5. Among the top 50 business management schools in India
6. Among the top 30 Indian pharmacy colleges
7. LPU ranks amongst the Top 200 universities of the world as per the prestigious Times Higher Education Impact Rankings 2021, which assess universities against the United Nations Sustainable Development Goals (SDGs).
8. It is among the top 20 Indian organizations that have filed the highest number of patents in India in the last 10 years including IIT Madras. I hope this helps
Good Luck!