You must undergo the surgical procedure. as it not only strengthen the stability of the knee but also provide a permanent fixture to the problem which further if not treated in time may result in bio-mechanical damage to your knee, hip, ankle and spine JOINTS. Cost would be different from hospital to hospital and doctor to doctor. I suggest you to go to a good hospital with inhouse physiotherapeutic services.
Recovery time if everything goes well. should not take more than 4-6 weeks.
Next Steps
Seek an immediate consultation with Orthopedic surgeon / ortho special hospital.
Health Tips
Remember one thing that TREATMENT IS NOT THE ONLY THING THAT SHORTENS RECOVERY PERIOD AND DETERMINE SUCCESS RATE OF THE SURGERY. YOU MUST TAKE EXTRA PRECAUTIONS ON WHAT NOT TO DO/ MOVEMENTS TO AVOID. Consult your Occupational Therapist / Physiotherapist for the same. STAY HEALTHY.