Well Maldives is not a budget trip also you are trying to include water sports.. which makes matter even worse.. search for guest houses and skip the resorts and hotels if you want to reduce the cost..
I believe Maldives can't be budget trip?
not sure though...
The return flights from Mumbai are costing 15k or even 13k but staying, food and transportation is very expensive over there.
Check agents for best Maldives trip package. 1.5 for 2 pax all inclusive is a deal with one night water villa else for beach villas it can go down to 80k as well. water sport activities
canoeing, snorkeling, scuba diving are standard ones. other activities depends on the particular property.