Buying the discs at about Rs. 1000 - 1200 is too steep
If there is a rental service, we can consider Bluray player as a one time investment. Also, if rental service picks up, the demand for the players may go up, and may drive down the price due to volumes.
It appears that there are some rentals available in Bangalore and Delhi / NCR.
I could not actually see a Bluray player demo also in Hyderabad, although companies like Sony, Samsung, LG have supposedly launched in India.