@Deepsraven - Good topic. I would be so eager to indulge.
Firstly, what is your requirement? Are you looking for the Home Theaters with DVD/BD Players or HTIB or a proper Home Theater Set up? If former, you can go with anything that's available in the market. Most of them are same, and a friend of mine have Philips, which is really good for that class. I personally had experienced it.
If HTIB, you will get only entry level systems for the budget you mentioned, but real good ones. For a long time, Onkyo has been running with offers on HT S3400 / 3500 models. They are excellent for an entry level HTIB. I have 3400, got it for 27K and more than happy with that. It's fantastic and VFM for that budget. Alternatively, you may look for Denon & Yamaha which has a models (1312xp & YHT 298 Resp.) for the same budget.
AFAIK, a proper home theater set up wouldn't be possible for this budget. You may have to buy the AV Receiver, Pre Amp, Speakers, Wires, BD/DVD etc. separately in mix & match fashion and set it up with help of enthus / experts.
You may check Forums like Hifivision for more options and this thread may be helpful for you to do a quick comparison (
Onkyo HTS 3500 vs Denon DHT 1312 XP).
Moreover, what's that you will use it for? Movies or Music? If Music, of what kind? The answer to this could be one key factor to choose from options.
The best way to choose one is to walk in to the shops for a Demo and listen to various genres and movies. Onkyo has various show rooms in Bangalore (
Onkyo India) where you can comfortably take your own time and checkout. Reliance Digital was running various offers on these HTIBs, and I have a good contact with the Sales Guy in their Kamanahalli showroom. Let me know if you need any help in negotiations.
Welcome for more details and suggestions.