Hotel Pineborough at police Bazaar provides Standard double room at 1250INR/ Day .....You would find many other budget stays in Police bazaar area starting from 800INR .
I visited there in April 2018. One tip from my side;book hotel near Police baazar beacuse then it will be accessible to all the things..Otherwise if you stay far away from this;you have to book a taxi everytime to come here And also Government tourist bus goes daily for all the points in Meghalaya in minimum fare with their guide. You can have a look on pictures of Meghalaya on my post on tripoto and ask amy query if you have.
I stayed in shillong for 4 days..Bus will take You in the morning and return in evening after covering all the points..No need to stay in Cherrapunji..And also stay options are limited online..You can try there..Acc to me no need to stay in cherrapunji..