Dedicated IPs could be somewhere around $2 per month and not $35 per month! Even MTNL Triband takes about Rs. 1000 a year for dedicated IP. The rates are similar in case of hosting. In hosting, you need dedicated IPs if you want to have your own DNS and/or SSL or want to have anonymous FTP. If not, dedicated IP may not offer you any major advantages.
Yes, only one domain in 2GB space is a let down. But this could be to avoid clandestine reselling
and could be considered a good point as well. You can logically assume that their servers are not overloaded if they don't allow too many add-on domains
Custom DNS for shared hosting is useless! How does it benefit you? If you use their DNS for hosting or have your own, how does it matter in shared hosting? If its reseller hosting, then it surely matters!! For example, if I am a reseller from say xyzhosting then instead of giving ns1.xyzhosting.com and ns2.xyzhosting.com to my clients, I would prefer to give ns1.myhosting.com and ns2.myhosting.com. Thats more professional and convenient in case one needs to shift hosting. But in shared hosting, its somewhat useless. We visit so many sites. Do you ever bother to check their DNS?
But looking at their prices, they may either be over-selling or may have got a server damn cheap! We assume they have got it cheap and they are not overselling, then their server config isn't too good. Here's why!
If you consider a server with 100GB space and no overselling then they are at max selling 50 accounts of 2GB each at Rs. 1500 a year. So they are getting 75000 a year. We assume they make 10% profit, so their cost is Rs. 68000. At Rs. 46 per $ it comes to US$ 1478 per year. So their monthly cost is approximately US$ 125 per month. In that price, you really can't get a very good server!!
So they are either overselling or they don't have a good server! Hope I have made it clear. This is the reason for that golden rule of hosting
EDIT:
manashosting seems to be a reseller of DirectI (*www.website.ws, *www.resellerclub.com) at least for domain. If even for their hosting they use DirectI servers
don't even think about their hosting. From whatever I have heard, DirecI is pathetic for hosting! The way they have structured their hosting packages (email space, database space, etc. separately) I feel they are reseller of DirectI for hosting. I may be wrong.
Plus, they give domain+2GB+dedicated IP in Rs. 1500 a year! Thats simply unbelievable! There's got to be some catch somewhere.