Hi,
(this is my first post, and my name is Rav, and I am from Melbourne, Australia.)
I am a big fan of the Technics SL1200, my main turntable at home is a heavily modified SL1200 (Mike New Bearing, Jelco SA-750D arm, Timestep PSU), so please bear in mind my personal biases when reading my comments. I am also a long time Linn LP12 owner, since 1986.
I just wanted to clarify, that the SL1200 was NOT originally not designed as a DJ deck, it was specifically designed for home hifi use.
Due to its robust nature, this turntable was adopted by DJ's. Later in its evolution from MK3 onwards, Technics added features for the DJ market (increased pitch adjustment, and wider range for the anti-skate and so on...).
Now from my limited experience, I would say that a stock out of the box SL1200 MK2/5, can be beaten sonically by a P3-24. But the Technics is a deck, that has such a quality of build that it will last a lifetime, and can grow with you due to the number of upgrades available.
To get the best of the SL1200, you either need to tweak it a little, or to get it right out of the box you must match it sympathetically with a cartridge that can lift the stock deck's somewhat dark sound (due to the tonearm wiring!).
I think the people from the TNT-audio web site, seem to have got the measure of the deck. Please read the link below:
Technics SL-1200 MkII turntable - [English]
(Note: they matched the deck with a MC Benz, and this gives an indication of the SL1200 performance potential. Most people I know who take the time to understand this deck, end up deeply enamoured with it.)
For moderately priced cartridges that work well with the SL1200, I would suggest the AT440ML, or the cheaper AT120e. Also I have read the Ortofon 2M series works well also.
For the record and the OP, who may be travelling to the UK, I also highly recommend the P3-24, its a great deck, and the Rega arms are excellent.
But I would advise against getting a 2nd hand LP12, unless you know someone locally in India who is familiar with the setup of LP12's, or if the OP feels brave/competent to manage the LP12 himself.
I have no experience of Project decks, but I personally dislike them, just based on the fact that every time I have seen one of the Project decks at a dealer in the UK or Aus, they look like they are something that could fall apart at any second.
Kindest regards
Rav