If you are looking to get an iPhone then its you time as Apple India has slashed prices of its iPhone 4 and iPhone 4S to good extent. If you want to get iPhone 4S then you will find starting price of it is Rs. 41,500 which earlier was Rs. 44,500.
If you want great deal then you can get 8 GB version of iPhone 4 at Rs. 28,300 which earlier was Rs. 37,900. At such price I would say its really a good deal. Apple had dropped support for iPhone 3GS and it will not be available.
Apple has dropped price of iPhone 4 and 4S just before the launch of iPhone 5, as far as launching date of iPhone 5 is not know but it seems we will get iPhone 5 around Diwali.