I believe that IMS is a better choice than IMI. Some of the main reasons supporting my arguments include :

The fee structure is one factor that differentiates these two colleges. There is a huge difference in the fees of these two colleges with IMS having lesser fees.

IMS offers specialization in 4 fields - Finance, Marketing, HR, and Operations and its main focus is on developing learning habits in the students which is very beneficial in the long run. Students can choose any of the 2 specializations from these 4 at the beginning of their second year. Both specializations will be given equal priority. 

IMS focuses more on practical skills and offers a practical environment to its students. Placements are also satisfactory and the average package offered to students is 3-5 LPA.

Location is the other main factor to consider, IMS is situated in Ghaziabad which comes in NCR. It is connected with Noida. As most of the companies have their offices located in Noida, companies visiting the campus are much higher and it is also easy for the students to approach the companies.