Many thanks for the technically correct feedback. R16 seems the best for ride comfort, due to highest side wall.
Just as recent update, I visited Sharayu Toyota Pune for regular servicing. While discussing with the relationship manager, he said Toyota has advised to change over to R16. However no explicit answer on cost compensation. Naturally since the Indian road conditions are the cause beyond control.
However Dharshan tyres in Pune suggested to upgrade R17 tyre from current 215/55 to 215/60. Wherein the wall height goes to about 129 mm, quite near to 133 mm of R16. In fact they have changed many crystas from 215 / 55 R17 to 215 / 60 R17.
Buyers thereafter lived happily forever... according to him and said Bridgestone recommended this. There is also special price of InR 8000 for this Bridgestone tyre whereas same with Michelin is priced InR 9750.
Though the vehicle height might increase slightly (About 8 mm), I found this lowest cost and fairly reliable option. I am currently doing about 28000 Km and would change to 215/60R17 during next changeover
Hope this would be useful feedback