Hi Nikhil
You seem to be in the same boat as me! As Denom said, the Yamaha 673, Pioneer 1122 and Denon 2113 are the ones to choose from.
The Yamaha 673 seems to be the most expensive here in Chennai. I am not getting a price lower than 49k for it, which in my opinion, is not worth it. The other 2 are available for 43k.
Features, aesthetics and connectivity - Pioneer beats the other 2.
Build quality - Denon I would say
Sound - From what I have read and watched (on YouTube) so far, Pioneer is definitely NOT the best.
But the point is, how much of a difference are we going to be able to make out, among the 3 AVRs? Something tells me the Pioneer can't sound so bad. I mean they make excellent car audio head units and even stereo amps.
I had a 1991 model Pioneer 50W/ch stereo amp, single CD player and digital tuner till about a month back, and they were stunning. No problems. Sold the components since they were lying idle for some time, due to my home theatre setup in the hall.
I have asked my dealer for a demo cum comparison between the Denon 2113 and Pioneer 1122. If it is organised by tomorrow, I will post my feedback here after taking the demo. That might help you. Similarly, if you get to have a demo, please do share your feedback here.
---Venkat