It's been a while I visited this site and glad to see the enthusiasm here as always.
Reuben, this is a very interesting topic for me since I collected LP's in India during my college days and still treasure that time. I moved to the US since then and have been an off and on collector.
I believe you are in Kerala so I cant speak for the market there but Bombay was very interesting for an LP collector. You could come across a treasure trove of Rock or Jazz LP's sitting in a dusty pile in Chor Bazaar or with a "raddi-wallah" in South Bombay! This was the early 90's and I am talking an average street price of 20 bucks an LP in the Friday Chor Bazaar market. There wasn;t much competition then and perhaps not as much awareness (this was the pre-internet age
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I guess there may be some very interesting history behind why an "old Parsi lady always seem to turn up with a Garrard 301" and other rarities. Your encounter with the broker who buys hi-fi gear and the agent who scrounges obituaries is so interesting. And that's always an intriguing aspect of the hunt... it may have belonged to, and cared for, by someone as passionate as you are.
For example, a friend of mine had picked up a mint copy of Love's landmark "Forever Changes" album along with Patti Smith's classic "Horses" for mere pittance. The album cover had a sticker with a person's name and a phone number on it. He found later, thru some friends, that the original owner was a musician in the 70's and had a good collection of hi-fi gear and LP's. However he fell into drugs and to support his expensive habit, started selling every possession he owned. One persons loss (or misfortune in this case) was another persons gain. There are plenty of such interesting stories behind how valuable LP's and players land up on the streets of Bombay.
Here in the US, its a different story. There;s plenty of inventory. So if you look at Ebay/Discogs, you find multiple copies of what you are looking for, unless you are seeking first pressings or obscure titles. If you are here, then it's worth picking up as many as you can possibly carry back with you.