"My only thought at that point of time was we had a good chance of getting him out alive," Mr Varadachary said.
As he was sitting on the bank working out how to rescue him, Thames-based constable Brian Connors arrived at the scene and took control of the situation.
Using rope provided by a passing motorist, Mr Connors threaded it through Mr Varadachary's belt loops and he dived under again.
He spotted Mr Bade near the bottom of the falls and grabbed hold of his leg. He then tugged on the rope as organised with Mr Connors and nearby resident Carl Davis dragged the two men to land.
As they were dragging him back, Mr Varadachary thought he was still alive.
"My instincts were telling me he had a little bit of life left in him."
He pushed on Mr Bade's stomach to try to get water out before St John paramedics spent about 30 minutes unsuccessfully trying to revive him.
Mr Connors said Mr Varadachary deserved recognition for bravery.
"He was stressed because he wanted to help and didn't want to die ... He would have been shit-scared, he said to me, 'I'm not a strong swimmer'."
Mr Connors said the two friends did the right thing by backing off when they realised the undertow was too strong and said he only went back in with the reassurance of the rope around him.
But Mr Varadachary brushed off suggestions he was a hero. "No actually it's a duty of every human being ... everyone at the falls trying to help him out was a hero."
Mr Davis, who had been mountain biking with his two children by the falls when he was told people needed help, was also praised. He said he "did nothing really" even though police said he played a key role in the recovery attempt.
Meanwhile, Mr Bade's body was yesterday flown back to India to be farewelled by his family thanks to a generous act of kindness by an Auckland superette owner.
Munchy Mart owner Aniz Bhamji is paying to send Mr Bade's body back to Hyderabad in India to be with his family, as well as covering the cost of shipping his personal belongings and paying the airfare for one of Mr Bade's friends to accompany him.
South Auckland funeral director Ese Tatupu said the business owner's generous donation deserved to be acknowledged.
"This guy is a blessing in disguise and a real good example of humanity."
Mr Tatupu said it was the first time in his career as a funeral director he had come across someone so humble.