Personally, I don't see much of a quality difference between Hondas and Chondas. Neither is going to last you beyond 5 years or 200,000 kilometers.
I think it's best to go with a Chinese 70cc bike which are usually 25-35,000 rupees cheaper, offer more or less the same build quality and you can use the money you save on fuel and maintenance!
Bottomline: Honda 70 doesn't make ANY sense. You're just paying for the brand. And I, for one, couldn't care less about branding.