Hi Dileepboyi,
I was in the same position as you a few months back when i started looking for an entry into Vinyl. My two cents based on the last few months experience are :
1. Read HFV posts to become a theoretical champ on the vinyl front, within a couple of days you will be spouting MM , MC , DIY phonostages, old idler drive restorations and what not :lol:. On a serious note the kind of information that you will get on browsing the old threads of this forum you wont get anywhere.
2. Do not think about the new budget tables, I took the oft repeated advise on this forum and went for an old manual belt drive TT. My friend on the other hand bought a new semi automatic TT, in the same amount of money I got a better TT a far better cartridge and a few LP's as well. Also to my immense satisfaction my system sounds much better than his.
3. Do not buy anything (TT, records) without seeing & experiencing it first, if in doubt do not buy. Keep your money safe do more research and buy a few days later.
4. In Delhi at least all established sellers of TT's are asking for 2 -3 times their price especially in case of DD's, but you can still get a decent table for what your budget is if you search hard.
5. The forum members are really helpful and am very sure that your local city members will be able to sort out your issues fast.
Sorry for the long post