PlayStation Home is not available in India. There is no offiial word (that I know of) as to when it would be.
Sony/the PSN is represented in a handful of regions. North America, Asia, Europe, Japan. I have a friend in India who was having the same issue as you. He chose to associate himself with North America and create an account with SCEA.
When deciding which region to join, you'll have to figure out which one will benefit/serve you the best. Good luck.