Sure? There are lots of resonable terms. And I don't want to denegrate Nalanda nor its historical import. But Bologna invented the concept and coined the term to specifically describe a new kind of institution with certain critical and (for the time) novel characteristics which carry on in modern universities. I think describing Nalanda as a university is like saying the Blue Mosque is a cathedral. It's an impressive an important religious building in of itself: but it's not a cathedral.