It’s official. Vodafone will sell the 8GB 3G iPhone for 31,000 rupees ($712) and the 16GB model for 36,100 rupees ($828). And this for a 3G model when India does not even have 3G services yet.

The Apple iPhone 3G is displayed in Toronto July 11, 2008.Vodafone and Airtel will launch the 3G Apple iPhone in India on August 22. Airtel is yet to announce its price for the phones but it’s unlikely the pricing will differ much.

The price of the 8GB model in the U.S. is $199 and $299 for the 16GB model. So is buying the iPhone in India worth it or will the grey market rule?

Who will buy the new iPhone? All those who had pre-booked? The ones who want to get the latest gizmo on day one of its official launch in India or the geeks who cherish anything Apple?