Thanks to everyone for all the valuable comments and/or appraisals. I definitely wanted the appraisal in the Indian context. With over a billion people in India and a widespread recognition of .CO.IN out there (as pratiknaik, LeeeRyder and wot have suggested), I think that there is huge potential of this extension in Indian context.
Even .IN domains have started gaining recognition out there. Just as an example, I registered a name (with both with .co.in and .in extension) which already receive good traffic. .CO.IN version receives 150 visitors per day while its .IN version receives close to 40 unique visitors per day.
I am not sure if I would really sell this name (search.co.in) right now. I may well keep it for development as a search engine for Indian websites. I presumed possibilities are endless with extending it as a search service with a directory structure (like
http://www.search.com/ and
http://www.search.com/dir). Moreover, another development scenario (somewhat crappy due to the long name) could be use of subdomains like jobs.search.co.in, date.search.co.in, hotels.search.co.in, city.search.co.in etc. Seems to be an ambitious project, given that I don't have so much time at my hands right now
Any further comments/appraisals are definitely most welcome.
Thanks once again.