Hello,
In my opinion osmania university is way more better than nit srinagar. Osmania university has better facilities and ranking. And is one of the prestigious colleges in telangana. If you are looking for a degree from an NIT, then pick srinigar nit. But, if your primary interest is chemical engineering, and you don't care if you study in nit, you can pick osmania university. The latter one is a better choice.
Good Luck!