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Hi,
Practically, you can't exactly compare the step programme and a Bachelors degree from any IHM for the following reasons:
1. The step programme is not considered valid as a graduate degree in a lot of universities both India and abroad.
2. The step programme limits your scope of employment as your qualification and knowledge is restricted to one core department of the hotel making it difficult to make a career switch in the future if need be.
3. A degree from IHM is a graduation degree so you can easily opt for any post graduate programs in the same or allied field.
4. The employment opportunities for an IHM graduate are more diverse (sales, marketing, business development, retail sector) and the core hotel based jobs whereas you work in The Oberoi properties for the beginning of your career and only after a certain period of time can you quit and take up a job elsewhere. I think the decision is entirely up to your preferences if you want a one track fast approach to becoming a restaurant manager or a an executive level chef in a shorter amount of time step is the way to go but if you want a degree with much diverse choices, educational opportunities and a slight detour to the same executive and managerial positions then IHM is the choice to make.