The unlocked pricing of Apple products in US also gives an idea on how the same products will be priced in India. The company has priced 16GB iPhone 5 at $649, 32GB at $749 and 64GB at $849.
These prices translate to around Rs.35, 480 for 16GB version, Rs. 40,962 for 32GB version and Rs. 46,431 for the 64GB version, at the current exchange rate. Typically, the Apple iPhone/iPad is priced around their US unlocked pricing plus 30 percent of that cost. This 30 percent account for the customs duty and other taxes that Indian government levies on these products.
So, according to this logic, the iPhone 5 is expected to be priced around Rs. 46,120 (16GB version), Rs. 53,250 (32GB version) and Rs. 60,360 (64GB version). However, there is no official confirmation on these prices or the India launch date right now. Rumours however suggest that iPhone 5 might be released in India part of the third batch countries, which are yet to be revealed. (Also see: iPhone 5 now available for pre-order)
Challenges of buying unlocked iPhone 5 from other countries and then using in India
The most important factor in your unlocked iPhone 5 purchase outside India, should be the availability of nano-SIM cards. As there is still no confirmation on nano-SIM availability in the country, so even if you get an iPhone 5 from UK, Hong Kong or Singapore, you won't be able to use it as your primary device and it will just be a bulkier and thicker iPod Touch for you. So, think before calling up your friends to get you an iPhone 5 before securing a nano-SIM card, because you cannot cut and make a nano-SIM out of a normal SIM-card or micro-SIM card. More on nano-SIM cards here.