YES. AND. NO.
It's true that Maruti cars do not necessarily feel premium. The features, compared to those of their competitors, are less. Plus, the overall feel comes as old and outdated. So, clearly, when they charge money for these cars, it looks overpriced.
(Courtesy: Autocar India)
However, on the other hand, Maruti cars are built to last longer. They are robust in their overall construction, which provides more reliability. In addition, Maruti has always tried harder to have better mileage. All these combine to increase its price significantly. Of course, they are cutting a big profit margin in the middle, which has, honestly, inflated their stock valuation, bringing the company even more money.
Plus, not to forget, Maruti enjoys a good brand value in the market. So, it charges more for its brand value and not entirely for the products.
From a consumer point-of-view, Maruti cars are indeed over-priced. However, they make up for that in the non-flashy quality, features, and reliability of their products. But then the problem for them is the competitors.
Comparatively, these days, there are many good alternatives to Maruti cars. You can get better-looking cars, with more features, at a relatively lower price. Sure, Maruti can debate in the quality department, saying that its products are of high quality. But it really matters less for the consumers. People care about how their car looks from outside to the onlookers and not how the seats feel to them inside. They care about how their car looks today and NOT how better it will perform 3 years from now.
(Courtesy: India Today)
In short, to answer your question:
If you care about the quality a lot, Maruti cars are fairly priced. AND…
If you care about the quality, as well as the look and features, Maruti cars are over-priced.
Hope this answers your question.