Sony Corporation’s PlayStation 3 which went for sale in the US over Thanksgiving is now available in the Indian grey market. Sony India is expected to launch PS3 in Q2-2007.

PS3 which is competing directly with Xbox 360 is available in two versions – 20GB and 60GB HDD. The 60GB HDD console is also equipped with WiFi and Flash Card readers. The 20GB version costs $499 while the 60GB sells at $599. However, on an auction that ended on eBay just a while ago, the 20GB version sold at $855.

In New Delhi’s Pallika Bazar, the 20GB console is available for $1,000 that’s double the US retail price. PS3 games are priced in the range of Rs3,000 to Rs4,000 and initial reviews by gamers suggest that their are some backward compatabile issues – running PS2 games on PS3 console.