@max.4u
If you can wait. I seriously recommend you to wait for 1 month and then decide which one to take. As many cards are released just and being released end of this month. Currently Nvidia 570 looks very promising and it's price is going to be fair compared to GTX 470. And also during those 1 month even drivers too get stable for hardware to perform good and show their true numbers. this goes to ATI (oops,AMD now).
It's Bad choice to get 470 now unless you get it below 16500k ...which is highly impossible in India. If any friend or relative comes get it from them, it's comes for only 10k but with cost of no warranty...
At present my GTX 470 blasts all games in maximum settings except Metro 2033( damn, this game is too harsh on cards).
@Regarding Noise and heat about Fermi
Yes, its partly true. they are loud unless you use MSI afterburner or other tool to control their fan speed well. There is no problem with my card as they are being controlled by MSI afterburner (manual fan settings). My card never reaches 75c+ with fan speed just 65-70% , so it's not unusual loud compared to other cards.