Xperia M is a good phone for its price. Only issue is the low internal memory.
Not anymore, anyone with the ability to follow simple instructions can get rid of the problem

If OP isnt troubled by mediocre camera quality, Xperia M is a good phone for the price (12.5k that is)
But if you prefer better camera quality, Huawei P1 is worth going for.. Xperia L camera isnt a big improvement over M
If you want to wait, then you can wait for the LG F5, coming soon to india