@Artemis and jking :- thanks for the inputs. I guess I will get either the PX200 II or the HD408.
Both PX200 II and HD408 are not circumaural but supraural i.e., it will not cover the ear and will just rest on the ear. Advantage in PX200 II is, it has volume control in the cable. (In my earlier post i have told HD408 is circumaural, which is wrong)
I think PX200II is above your budget, as I found for around Rs.5000 online
I will suggest HD418 as it is circumaural and just 200 above your budget, which is online price in theitdepot.com. You may get for lesser price also.
Here is a link for comparison between PX200-II, HD418, HD408