Delhi

Advantages:
A new and more dynamic law school
Situated at the Heart of the Law: Delhi is the best location to have for a law school. You have the Supreme Court the High Court as will as the District Courts. It is the seat of government and the parliament is situated there. Most of the are state of art. You have all the law firms and best lawyers to intern under. Most of you seminars and conference would a "travel from metro away"
The team is very experienced: The team the runs NLU Delhi is very experienced and has proved itself in the success of NALSAR.
More opportunities: NLU Delhi presents more opportunity that any other law school precisely for the reason of its location. Guest lectures are frequent and better.
Disadvantages
No legacy to boast: NLU Delhi was established in 2008 and hardly has any legacy to boast of. There first batch graduated in 2013 so no alumini.
Delhi: Delhi is not exactly know for its professional culture and Law as a profession is very professional and demanding.
NLU delhi is doing good but not as good as it should given the fact that it has all the resources at it disposal. It seems like when there is too much of something people tend to value it less.
All in all it will be a very personal decision for you. Remember one thing though that while your institute of education makes some difference the difference is never so big that you cannot overcome with your hard work.