When we were in New Delhi, the useaamiles.com website was showing the Oberoi. I believe at that time it was around 20,000 miles per night which depending on how much you value your AA miles is $200 - $300 per night which is comparable to the nightly room rate. The useaamiles.com site is a bit quirky. Rooms would appear and disappear depending on the number of nights entered, so I would try 1-night, 2-night, 3-nights etc.

As expensive as India has become due to inflation & the growing economy, Americans will still find India relatively inexpensive. You can have a nice meal for two at a 5-star hotel for $50-$100 where that same meal in the US would be 3-4 times the cost.