I feel I'm well qualified to answer this question since I too started my gaming days with the SNES/MD, moving on to PS1, 2, 3 the X360 and now X1.
First, forget the whole "this console is x times for powerful than the other" mantra. Developers barely tap into that extra power, even right up until the end of the console's lifecycle. Classic example PS3 Vs X360.
Games on both consoles are well-optimized and it all comes down to what developer exclusives you prefer. I, for example, love the Forza games - cars always were and will be my main squeeze, and nothing comes close to an authentic driving experience on a console like Forza. More superb exclusives include Gears of War (third-person shooter) and Rise of the Tomb Raider. Then of course, there's Halo which the gaming world is mad about, I'm personally not though.
As for the PS4, there's the excellent action/adventure Unchartered franchise, Driveclub and the upcoming Gran Turismo Sport and a couple of other good exclusives that I can't seem to recall. GT7 is also slated for release sometime in 2017 or 2018. YouTube top 10 exclusives on both consoles and it should be easy to pick one.
Third-party games like PCARS, COD, Battlefield etc. are released on both consoles and perform equally well, though the PS4 has a slight edge here as it gives you 1080p output and perhaps, in some cases, slightly better particle effects, while the X1 does 900p. Again, Google "Xbox One Vs PS4 1080p" and you'll get a list of games that are native 1080p on both consoles. You could checkout gameplay comparison vids as well.
I'll say again - the difference is so negligible that you have nothing to gain by choosing one over the other if you're simply going my numbers and "on paper data". Go with the one with the exclusives you like.
Edit: OP, I forgot to mention - these current gen consoles cannot be hacked. One game can cost between Rs. 6000 to 6,500. If you prefer to download them, most are released at a fixed $60 price, unless you get deluxe or special/limited editions.
Additionally, the PSN and Xbox Live Gold service has great deals that give you free games, great discounts and free DLC. Do a little research on "Xbox Gold free games and deals" or "PSN games" etc. and you'll know which console to go for.
I myself am not a fanboy, so I won't recommend either - just tap into your game taste and let your intuition be the judge!