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Eg. Do not buy a car. Put the money in bank and use the interest for hiring Taxi. If that is how you are calculating. My dear this is Lifetime investment to be paid once only. Also Green fee of all the clubs are increasing every other day. Here also things will not be different. Anyhow it is for the individual to take a call.
Simple Interest on Rs 7 lakh at 12% = Rs 7000 per month. Add to that Rs 1200 per month subscription and you are paying in effect Rs 8200 per month. When you can play no longer due to age or whatever reason, you lose the Rs 7 lakh also! Is it worth it? Yes, if you will be playing 10 - 12 times a month ... Else, you would rather pay the green fees and play.
Golf in India is given the status of an 'elitist' sport, which is not the case in the western world, particularly so in the UK. A city like Delhi/New Delhi should have at least 5-10 public courses. This would help promote the sport in the city and attract a lot more players and compared to many other sporting activities, golf is not so physically demanding (suits us Indians) would also increases the chances of producing more world class players. For arguments above Qutab should remain a public course with no memberships at all. I believe it has been open to memberships from the very begining. I guess, and hope, the objective of this membership drive is only to raise funds for its running/maintenance/upkeep and not to move towards becoming another 'Golf Club' with access limited to fewer number of people. The club's should encourage and attract more golfers, for which end the green fees has to be reasonable and structured to optimise course usage through the entire day. Regarding your question whether the fees/cost is worth it-Doing the math: Assuming that one will play golf for the next 25 years and play at least 6 times a month, cost per round is approximately Rs 600 per round. This calculation ignores interest on the investment and therefore would be higher if interest is to be considered. Also this per round cost will change if the assumptions are changed. I who travels for long periods of time and find it difficult to play even 4 rounds a months would therefore much rather pay an play. However, I would not mind paying an annual 'membership' like fees (to contribute towards the facility upkeep) Eg. Every golfer must pay Rs 2500 per annum to play (else can not play) at the club and pay green fee on the day. Hence, those who are members at other golf clubs but sometimes have to play at Qutab would also pay this annual fee for the privilege. Many sports facilities in the UK use similar revenue earning structure. That's a long message :-)