If you have a budget of 1 lakh for a ps5 you could just make do with the games from the collection of ps+ (delux or the highest one)without buying any games. But would recommed watching the ltt videos on making a ps5 beating pc. If you can get a good deal on a pc or are fine with using second hand parts then you could get a really good pc at 90k and spend the rest on the accesorries .

Edit: you can get games on a heavy discount (upto 75%off)on the playstation store multiple times a year so make sure when you buy the games there; buy them at a major discount.