IPM does not offer a BBA degree but you will receive a BA degree for your undergrad coursework (Foundations in Management). The subjects taught at the undergraduate level are vastly different from those taught in any other BBA program. Any decision based on an assumption about the IPM curriculum can land you in big trouble.

Returning to the question, I'm not familiar with the specifics of the four-year Tri-City programme, but I'm sure it entails a lot of learning from an institute like SPJ. 

• Having said that, IPM and the aforementioned course can be compared on the same scale.
• Two degrees from IIM Indore (one of which is the regular MBA that other PGP participants are entitled to) is an incredible value that cannot be matched by any other BBA programme in the country. 
• Other benefits include the environment and opportunities that come with being a student at an IIM.

Comparisons can be made when other IIMs launch courses similar to IPM, which does not appear to be happening anytime soon. Until then, IPM would be a clear winner in terms of undergrad management education.