hello,
iphones maybe a TM but in my point of view this iphones.co.in wont put you into trouble as it can be the website of an official iphone brand products retailer in india so it wouldnt trouble much! even if apple calls you up then they will see that you're retailing their products rather than just cyber squatting their trademark and parking it, so they should have no problem with you then as its just to benefit them. but i believe that you must talk to them about it before you decide to develop or delete it!
regards,
Abhishek