Hey bro i was in the same dilemma some time ago, (even thinking of the RTR 180 and the R15) but i booked a P220 after months of inquiries, loads of rides and discussions for many reasons.
I'll copy and paste what i said in the ZMR thread so it'll be easier for you.
Doesn't make the cut IMHO
The way i see it, HH has done a good job by expanding within the premium segment of biking in India, but IMHO they should have done something new with the engine. Adding clip ons, rear disk, full fairing and a digital console is fine, but the bread and butter of performance biking is the engine. Any biker would agree that even today a bike like the RD350 is arguably respected more than the newer bikes and this is for one reason and one reason only. Not the looks, neither any of the so called 'goodies' that the ZMR packs.. It's sheer performance. Don't get me wrong the ZMR does it's job well, but one would expect something more after having the Karizma around for how many.. 6 maybe 7 years? Everyone is entitled to their own opinion and some may be dazzled by it's looks (which i don't fancy much. the fairing looks a bit funny and the rear portion disappoints me) and some may not. The R15 is respected even though some people argue about its looks from the rear, specially the tyre etc (and they don't understand that it's not about the thickness, it's about the grip). In outright performance and reliability, nothing can compare to it. I also agree that fit and finish, after sales are better than the P220, but honestly if they had given the bike maybe 20 horses and priced it a wee bit higher this would have been a much, much better buy. I reckon there isn't much new as the back is inspired from cbz extreme, and gs150r, so is the headlight. The fairing looks out of proportion according to me. Overall, the bike seems okay, but it just doesn't make the cut for me.
I agree with people who say build quality of the zmr is better than the P220, but as some of the members pointed out, the advantages in the P220 are way way wayyyyy more than the disadvantages.
Trust me when i say the 220 is a bitter bike overall. The rest is upto you, but never regret whatever you choose. Ride safe. Ride fast.
See you when i see you