I bought a similar Sony one 2 months ago, and I've forgotten the model #.
Anyway, I had a tough time finding the model I wanted as I preferred a phased out model, simply because the newer ones don't have Nightshot and they cannot shoot in pitch darkness (0 lux).
Anyway to answer your question, yes the Sony ones are good value for money, the closest alternative are the Canons I guess, but again they are hard to find in India.
The newer compact HD cameras are an option too, if you're not too particular and can do without some of the features found in traditional camcorders, most are priced around the same if not cheaper.