HMV 1010 was a sweet little stereo record player (3-speed) with detachable speakers and a supposedly 10watts/channel stereo built in amp (that's why the model number 1010). It came with a HMV stereo ceramic cartridge with a flip stylus (one side for 78rpm and the other for Microgroove records). This little record player cannot be used for hi-fi listening but is more than adequate if you are just interested in the music. I remember as a kid, going to the record store with my parents. They used to play records for the customers on an HMV 1010. I still remember who Englebert Humperdinck and Tom Jones sounded back then...anyways, comparing the 1010 to a Technics SL1200 from an expectations perspective is like trying to compare a Maruti 800 with a Rolls Royce Phantom. Both are ment to serve different purposes. Regarding wear and tear to records, again if your records are old (especially Hindi records), it is very likely that they were played quite often on players like these (HMVs were very common in those days). It is irrational to believe that your records would get damaged on a 1010 especially if you handle/store them carefully, your pickup arm is tracking at the right weight and your sapphire ceramic stylus is in good shape. My dad used an EEI ceramic cartridge on his Garrard SP25 for many years through the 1970s and even today, when I play his old records, they sound great. If you are looking for a stop-gap arrangement till you setup your complete audio system (amp, speakers included), the 1010 can be a useful patch. However, if you already have your amp (with phono stage) and speakers, getting hold of something better like a pre-owned Technics direct drive (SL3200, etc) with a decent MM cargridge could be a clever bet.
(kindly note, i have intentially used the jargon of old since we're talking about the HMV 1010)