It's a typical YMMV kind of situation. My experience is that if you are looking for 4* +, the prices don't vary much (for 5* properties the variation is extremely low), for 3* and lower the variation is very high (both ways). Ofcourse once again YMMVI have booked dozens of hotels in the past year in India and abroad with Smartbuy. In every single case, the hotel was cheaper (often substantially) on Smartbuy vs. booking.com, MMT, Expedia, Cleartrip etc even without the reward points.