It depends on what the fault is. Some PCB parts like resistors are really cheap Rs.10 - Rs.20. Some ICs can be more expensive. I doubt any part would be more than Rs.500. But don't expect it to be fixed in Rs.1000, because the electrician will send it to someone who deals in electronics to fix this and both will take a cut from the job.
So if the actual repair cost is Rs. 500, the electronics person is going to charge Rs. 1500, the electrician will claim it cost Rs. 3000 to fix the PCB. These people don't charge according to the actual repair cost. The price they will charge depends on the price of replacing the PCB with a new one. So if a new one costs Rs. 5000 he might charge you 30% less for fixing it.
It might also be worthwhile to search for a used PCB, you might be able to find one from a shop that buys or deals in used air-conditioners.
Nothing is fair as far as price is concerned. Everyone tries to kill the hen that lays golden eggs 
This is what you need
http://www.aliexpress.com/w/wholesale-air-conditioner-universal-control-board.html