On the whole, VT seems to be better than UFL, but is MS (thesis/non-thesis) from UFL better than MEngg (no thesis) from VT? Which has a better return of investment? What are the disadvantages I face when pursuing PhD after MEngg from VT(not directly after Masters but a few years down the lane)?
A thesis-based MS is preferable if you want to leave the option of a PhD open down the line. Terminal/professional MS programs aren’t really helpful for admission to a PhD program.
Absolutely correct. Getting more research experience is key for a PhD program particularly if you are working in industry for some time before applying.