option 1
well, if I may divert the topic
I built a HTPC from the scratch and what it does
plays music with a DAC
vinyl digitization using a soundcard
ripping my BDs by makeMKV+handbrake+mkvmerge
region free BD playback and media tank for my projector
what I like most is it has staggering connecivity (HDMI,VGA,DVI,3.5mm rca in/out, optical out,ample USB slots,card reader,WiFi..)
can't think of anything that it can't do, I always felt a HTPC if built with care can be a treat for a long long time, mine is running for last 5 years and it didn't consume all the funding in one shot, slowly I invested and it became envious
so definitely an option if one has interest and patience, icing on the cake is in India almost all softwares can be arranged (I don't promote piracy, please don't get me wrong, I am already bankrupt of buying BDs)
think of it, a good BD HTPC should come around 30K and that too not in one go, one can choose each componet at his will and when funds permit
option 2
coming to terms
I myself also have done this
Pioneer BDP 450 - I found it excellent at that price tag (I bought it at 10K)
Brand New Pioneer BDP-450 3D Blu-ray Player | eBay
and made it region free by
Pioneer BDP 150 140 440 450 LX55 Custom FW Support BD3D ISO Sacdiso SMB NFS 4988028139505 | eBay
again one can buy
Panasonic DMP BDT320GA Bluray Player+Bill+3Months Seller Warranty | eBay
and make it region free by
Panasonic All Zone Multi Region Code Free Blu Ray Player Firmware Upgrade CD | eBay
again if one has 40-50K funds, then the best option is
OPPO 103
OPPO Digital BDP 103 Multi Region Code Free 3D Blu Ray Player 4K Upscaling New 898072002103 | eBay
but after doing two region free BD projects I have realized actually its not required - if one is not keen on seeing the rarest of films in BD, he can always manage a region free copy by exercising certain care during the purchase, I know couple of BDs which are only released in region locked format, one can avoid that, can't he?