I would suggest you to go for Flipkart: HP Deskjet Ink Advantage - K209g Multifunction Inkjet Printer: Printer
IF it is absolutely necessary for you to have a multifunction printer, I know its twice your budget..........................But considering long term cartrigde costs and printing costs, it will be a better buy
Or if you want only the print function, go for HP K109G (I have this one, and believe me, its the most economical printer out there with Rs 449 for color and black catridge each)
Price ----- 0.74p per black page (600 pages from a cartridge, I got around 560)
1.79p per color page
This way, you dont have to sell an arm and leg for another cartridge once it goes dry....... Seriously, two cartridges of a normal printer cost as much as the printer itself...LOL
Or if you can take the pain refilling from outside, it will be cheap