It would certainly depend on whether ROI is an important factor to you or not. SCHMRD and TISS both come under the top tier colleges. 

TISS doesn’t provide an MBA degree but still one of the major HR companies visit the institute for final placements. You need to understand that what you’re paying and what you’re getting in return matters a lot from a longer term perspective. 

The other benefit that you get if you are studying at TISS is their small batch size and less competition. Mind you, I am not saying that competition is not healthy but sometimes, when you’re so focused on gettting the highest package offered and competing against 400 students just like you, you might miss out on the learning experiences. 

There is no scale to measure. But if we go by ranking and students' perspectives regarding these colleges. After XLRI/TISS HR, comes MDI followed by SIBM then SCMHRD based on NIRF ranking.

Based on placements, XLRI is the best in HR placements. It also witnesses placements across the world. If you want to pursue a career in Social work and HR then TISS Mumbai is the best. TISS also offers MA programs and it does not offer MBA.

MDI Gurgaon and SCMHRD is also a better option to consider. They have a good alumni base and decent placements at XLRI and TISS.

The answer can be divided into two main parts: Curriculum and Placements.

In terms of Curriculum, TISS is rated as having the best. Colleges whose core degree is not HR will be at a disadvantage when it comes to curriculum.

In terms of Placements, XLRI is ranked as having the best package and profile offerings, followed by a tie between TISS and SCMHRD. The colleges whose core is not HR will not offer as good a package post-MBA as compared to the colleges with core HR competencies.

In terms of packages offered, XLRI can be ranked the highest, followed by SCMHRD and TISS in a tie, and then MDI, SIBM, and XIMB.

It is hard to compare one specific major or stream but whatever is in the public domain the general ranking of these three colleges in HR domain quality-wise and RoI-wise is given below in a table.

Below is a table comparing these colleges on absolute numbers like fees, highest package, and average package.

For HR domain XLRI is the best and RoI wise for HR domain TISS is the best.

If you want to pursue a career in HRM then TISS is the best option for you otherwise IIFT is for all other streams. 

For better assistance below is a table showing and comparing the two colleges on different and important aspects;

Assuming from your question you want to compare the two colleges in only the HRM courses, so, the placement packages of both the colleges are the overall package not the HRM particular. RoI-wise TISS is better than IIFT.

NOTE - Both the colleges are at the same level and are slotted among the best colleges

Choose wisely, because it depends on your goals and preferences, see which suits you better.