Hi !

Punjab Engineering college has one department for aeronautical engineering while IIAE is a fully dedicated college for Aeronautical Engineering And that makes a big difference .Also , Punjab Engineering college has to focus on many departments out of which one is aeronautical engineering while IIAE fully focuses on aeronautical engineering and the second point is the placement in Punjab Engineering College are not much good as compared to IIAE.IIAE offers gateways  for students to foreign countries like UK, USA and Canada . It offers good placements for students as well so I think these factors are enough for you to decide amongst Punjab Engineering College 

Well I personally recommend you  to study aeronautical engineering from IIAE