The much awaited iPhone is slated to be launched by Vodafone on 22nd of this month. Now Indians will not have to settle for the unlocked version. But it does come at a hefty price at Rs 31,000 ($715) for the 8 GB model.

The guys at PCW Business Center feel that it’s highly unlikely that the iPhone will be a mass market device in India as it is a tad too costly priced at 31,000. Compared to AT&T’s 8 GB offer at $199 with a two year contract, the pricing in India seems to be outrageously exorbitant. It is possible that the company will offer a no- commitment option of $699 for a 16 GB model and $599 for a 8 GB model in future.

Indian customers will be able to download applications from the App Store, but video and music downloads from iTunes will not be available for Indian market. Airtel and Vodafone have announced on their websites that some of the iPhone 3G’s features will be unavailable (read 3G bandwidth). But Indian customers have reason to be positive as the Indian government has plans for the auction of the 3G spectrum later this year.

The iPhone is sure to give stiff competition to Nokia’s range of smartphones like N96, E66, E67 and the Nokia 6210 navigator phone. Other manufacturers too are stepping up their R&D efforts in a bid to face the onslaught of the iPhone.