+1 for the waiting reason. Also, The rear 3 quarter profile of the car is not to liking of many people. It is a Love-me-or-hate-me design. Imagine if Brio would be rear ended by a tata 407? What will happen to the passengers if the glass breaks off?
MODS: PLEASE EDIT THE TITLE OF THE THREAD TO "A PETROL HATCHBACK UNDER 4 LAKHS"
Buddy, I would suggest you to go for WAGONR VXI.
My friend has recently brought a Grey VXI and trust me, The ingress/egress is the best in hatchbacks especially for the rear seat.
The brio is also a good car and has Honda Reliability. But, IT you can exceed your budget and get the "S" Variant, Then go for BRIO. As the "E" Variant will not love you back
The WagonR vxi variant is loaded with features at a decent price.