Personally I think installing the new Night Vision Cameras covering the area around the hostel would be the best option. Even though installing biometric locks on the doors is a good idea, however, would cost more then Cameras for sure.

Firstly, the Night Vision Cameras would pick up any suspicious activity in and around the hostel, which will provide a safe environment for the students.
Secondly, god forbid, if for any reason if some untoward incident has occurred, the Camera footage will help the police to catch the suspected individuals and punish them.

Thirdly as students during weekends after their weekend parties come back to their hostel quite late in the nights and some drunk and high, they get into heated arguments and because of their inebriated state might physically hurt one another.

Having these cameras will provide the required evidence and proof of what has actually happened. Also, students might be more careful with their behaviours knowing very well that everything is being captured.

Again this is my personal opinion, but I will support whichever decision management takes.
I thank you for giving me the opportunity to express my views on this matter.