Determine what you want to learn in the two years you will spend at either of these colleges. Both colleges have very different offerings. Choose the one that provides you with more flexibility, a wider range of people to interact with and learn from, and opportunities to pursue your interests. These things will be more important in the long run because, after a few years, people will not judge you based on your alma mater, but vice versa.
Inquire about alumni interaction and entrepreneurship support. Even if you never want to be an entrepreneur, such networks can help you complete tasks that would otherwise take months. It is up to you to select the best college for yourself.
One of my friends is an alumnus of MDI Gurgaon, and he gives me an overview very objectively and clearly on the following important parameters.
Placements
Profile
Batch Size
Faculty
It is definitely that studying in IIM Indore will give the student a tag of IIM that is beneficial enough in the society and places in the short run. But studying in MDI Gurgaon has several competitive advantages over IIM Indore. This is the utmost advantage, which can affect top-level B-schools in India. So, if a student gets a chance to study management, they must choose MDI despite IIM Indore.