Hi
I think it would take some time that .co.in domains are recognised as significant as .in.
Indian domains are still in infancy but by the end of this year it would be more clear how they go.
I personally feel India has one billion population and thousands of IT companies registered there, so .in and .co.in would be worthy names in future.
Linuxhosting.co.in is a good name and you can sell it to a indian based hosting company.
May be low to mid $xxx if you find anybody really interested.
Thanks