Pulsar 220F is a better option if we consider the price difference between both the motorcycles. Royal Enfield Electra is only better if you consider touring as your first preference whereas Pulsar 220F is best when seen from everyday riding as well as performance point of view.
The 220cc Pulsar produces 20.8 BHP and 19.12 NM of torque. It comes with a rear disc brake and a kerb weight of 150 kg. On the other hand, the Electra is about 190 kg in kerb weight and lacks the sudden surge in performance when revved hard. Pulsar gets a price tag of INR 87,698.
Know more about Pulsar 220F here - http://autos.maxabout.com/bikes/bajaj/pulsar/pulsar-220f