It most certainly is not- what's low is you knowledge at the moment.
If you really wanna get best for the buck, try your luck in Dharampura market (used imported stuff). You'll find prices less than half of the new ones. You can find a pro-grade treadmill, that'd usually cost more than a lac in market, within your budget, there.
If kabar stuff isn't for you, dare I say: try OLX, you'll find pretty good bargains there. You can manage to find a decent treadmill + a handy home gym all for your budget amount on the OLX.
All said, you can get a pretty reasonable 5hp incline-able treadmill with digital speedo, BMI, calculator, mp3 connectivity etc, with a year of warranty in your range. Just search the open market for a day, get your kicks, and you'll not only learn the market-way, but also should also get the best of bargain.