If you r looking for a Full HD projector, there is no doubt about it that u will not get it within ur range.
you can try with 720p resolution(1280x720) projectors which might come in your range.
But, if you ask me, I would suggest you to increase your budget to 51,000 or 52,000 INR and get a Optoma HD141X
I was in the same budget range what you r now. i did research alot and kept track of all projectors for more than 6 months and finally decided to increase my budget and then waited for another 3 months and took the risk of getting Optoma HD141X from Amazon International from USA.
The only problem with international stuff will be warranty. I have spoken to Optoma India and they confirmed it. There will be no warranty valid if we import the projector. But however they can get the service done, they have expertise to do service in India, the only thing is no Warranty under any circumstance.
If you maintain it properly I dont think you will have to worry about it.
I got the projector from Amazon.com International shipping from USA. I am using Optoma HD141X from past 3 months daily. I confirm it that am using DAILY.
DAILY ATLEAST 3 - 4 HRS, and on weekends the projector will be running atleast 10hrs.
I did not face any problem till now.
Only thing we have to worry about is the power fluctuations. Get a 1KVA UPS for the projector and u will not need anything else. This is as my experience goes.
I am very happy that i took risk and waited for sometime to raise my budget and finally bought Optoma HD141X.
There is a thread exclusively for this projector. You can check what all the owners of this projector are saying about it. Everyone got it by International shipping from Amazon mostly.
The projector with the specifications of Optoma HD141X in India is not less than 1.2Lakhs.
We can get it at 52,000 including import & shipping fees, all inclusive is 52,000
the projector is actually somewhere around 35,000 if you can check it in Amazon.com
It's a great deal to grab.
Hope this info helps

Keep us updated about ur decision

Wish u good luck
Cheers
Aditya