Thanks guys. Although i could have afforded Photosmart/ pixma in this budget but Laser has very lower maintenance costs (4 - 10 paise per page as compared to Rs. 3 per page of inkjets). Also it depends, if we have low prints requirements, than photosmart/ pixma is good option and if heavy print requirement then i think laser is winner without any second thought.
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Also dealer (who is also a friend of mine) told me to use imageking/ odyssey powder for long life.