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1. What are you planning to do your Ph.D on and does NLS have potentially good supervisors for those topics and are they in a position to supervise you. This is perhaps the most important of all considerations because your journey will depend a lot on how good and sensible your supervisor is. While at the end of the day a doctoral programme is more or less entirely in your hands, a good supervisor can make a world of difference (on both positive and negative ways). So no straight answer on this count- it depends entirely on your requirements.
2. institutional processes, standards and facilities - on this count NLS definitely ranks very high. The research infrastructure is good, the administration is supportive and largely does things on time. The chances that your ph.d will be delayed on account of administrative inefficiencies is minimal (not saying that things are perfect, but probably the best in India).
3. The chances for learning more and broadening your horizons. I think with the changes that sudheer has brought about (both in terms of content and the quality of available faculty), the course work is pretty good and it will give you a lot of opportunities to learn, think and reflect. There are also some opportunities to go abroad and spend some time for research visits. That being said, Jindal may give you more opportunities of the later variety,
Dont pay too much of attention to things like "brand value". in the long run and in the grand scheme of things Ph.D is also just a degree.