I cannot help but laugh when someone says "don't buy the PS3 now! The PS4 will be out shortly and you can play the games on that!"
First off, India still doesn't have a concrete release date for the PS4. Expected is around December based on some random preorder link -
MCV India
Second, the console is going to retail for over 30k when the PS3 is retailing for half that price. Not a good deal for a console that has so many fantastic exclusive line-up and doubles up as a bluray/media player with HD audio bitstreaming? You would at least take 3-4 months to complete all those exclusive titles alone assuming you only sit at home and game for 8-10 hours a day!
Third, some of the titles' sequels are going to release exclusively on the PS4. Killzone: Shadow Fall, Infamous: Second Son and many others would follow. Naughty Dog is working on one and so is Santa Monica Studios and Media Molecule. We don't even have to guess which those would be! Wouldn't it be a good idea to play the previous titles to know about the storyline and then proceed to the sequels?
It is bluray not DVD. A new console will not let you mod it. You will need to bank on the second-hand modded consoles for that.