Hi,
Can anyone tell me where I can find the "hobbico latex foam" , which I want to use for insulating my IMU unit from vibrations, apart from eBay. Is there any store in India from where I could buy it.

why don't you try using sponge which is used
as padding in mattresses and cushions.

It is the same thing - why pay 10 times more for a common product ?

+1 , been using that for a while, you get varying density ones, low ρ ones are light, higher ρ ones have better anti vibraton properties. very cheap, you will find it with the cushion / mattress makers

PS
what does Arss Stand For ? just outta curiosity. here is an interesting thread you can participate and tell us all about Arss

http://www.rcindia.org/rc-people/what-is-your-real-name-how-did-you-come-up-with-your-handle-name/

and this famous VC's thread

http://www.rcindia.org/rc-people/putting-a-face-to-it/