Generally speaking in HK Indian tailors are cheaper than Chinese tailors. You tend to find Indian tailors touting all the ridiculous offers (50 pieces of clothing for a dollar type things) never go for one of those (not Indians in general, but the ones offering stupid deals).

My personal favorite that I have been using for about 18 years is Fletcher Jones, which is in a crappy arcade (Mirador) on Nathan Road. It's a small shop, but Tommy the owner is great. He has access to all the best material (as was pointed out last time I mentioned him on FT, he has more swatch books than bolts, this has more to do with the size of his establishment than anything else. He DOES NOT bait and switch).

His prices are okay, but not the cheapest, nor the most expensive, but his quality is second to none. I still have suits from 1988 or so, which I wore like hell that are still in good shape. With the exception of one batch of shirts I had made in 1992, almost every shirt I have ever had made there is in good condition (some I ruined on my own, and there was something wrong with some collar stiffning material in my batch in 1992, 2 years later I showed them to Tommy and got a credit on my new shirts). He is fast, courteous and has a huge list of return customers over the years. Most importantly his customers include some very important HK people, both local and foreign. For those of you who know HK, this is a big deal as many HK Chinese avoid buying anything near Nathan Road due to its touristy reputation.

Check him out. Also he does women's stuff as well.