Even if both countries fetched a $500 Million, it's not a good sign and looks undervalued or call it Indian media rights were overvalued. I'm sure it won't sit well with the BCCI-Indian broadcasters and rightly so.
I wouldn't call the valuation for Indian market made by Disney-Star as "overvalued". Looking at the revenue numbers provided by Hotsar, they are justified in spending $1.5 billion for 4 year period (the other $1.5 billion was spent by Zee for the TV rights). OTT is a rapidly growing section of the market in India and even with cable TV/DTH the growth is very healthy. In the end, it depends on the economy as well. Indian economy is growing at a good pace (unlike the case of it's neighbors), and cricket still commands 80% to 90% share of the sports market in India.
But overall it does raise some eyebrows when looking at the complete bidding process of all regions and for subcontinent rights, second/third bids were around $2 Billion so one could argue that Disney-Star missed a trick only because ICC went for closed bidding and not E-auction.
@JSRAW while on paper we all felt that Hotstar paid too much, but now I start to feel that they took a calculated risk because these days many people are cutting the cord and moving towards OTT platforms like Hotstar. Furthermore Indian’s love watching cricket more than anything, hence down the line I feel that we all will end up saying that Hotstar got a cheap deal .