Srisha, the amount you have offered is absolutely fine. If the car is an Automatic and has power steering (which I think it should have) then even 70K is fine. Personally i think that you'll be the highest bidder.
With what I can see from the pics, the car does need a lot of work.
The body looks streamlined but for the right hand side. One can tell that is has been in the hands of an inexperienced driver who is not used to a LHD so the RHS is more scrapped than the left. Rust can be seen in the wheel arches, the lower door panels and behind the show strips or the show patti as we call it. you will be surprised to find rust in places which you would have never imagined. The fire wall and the flooring, inside the wheel wells, roof,door bottoms etc etc so be prepared. If there is a less amount then thats a bonus. Needs tyres too. Sourcing parts shouldn't be a problem and they are no tthat expensive. There are many shops from where one can get all the engine (the diesel parts are more easily available), suspension parts but the body garnishes will be a tad difficult to get. You may manage to find the headlight trim and the rear light cluster, (one of them is repaired). With a little bit of snooping one can find a #new set of windscreen rubbers (front and rear) too but the side strips or pattis, you will most definitely never find brand new. You would be needing a few. Even the wheel caps are available. Actually the 115 is a good model to buy now as almost everything is available.
Now coming to something that is not visible from the pics. Hows the interior? because if thats not ok then you would have to source someone who knows his car interiors to do the work keeping originality in mind.
I think you have made a fair offer. if the cars an automatic look for any shifting problems.
Do take another long test drive in traffic and now be careful to notice these things.
1) Does the car temperature rise above normal running temp
2) When you start the car, rev her up to see if the oil pressure guage shows the maximum when revved. This is a sign of a healthy engine.
3) take the car in small bye lanes and roll the windows down. You will now hear sounds which were not audible in the open road. Its like an echo. All squeaks and thuds will now be amplified.
4) Pop open the hood and check for back pressure. That sa bad sign
5) Check for Vibrations or juddering when idling, that would mean the car is missing
6) see if all the doors and windows close and open properly.
My estimate would be
#Tin and Paint with labour(scrap) approx 1.00-1.25 lakh
#Engine suspension tweaking ( most probably will need new mounts and bushes. also the brake master cylinder kit etc) another 20K
Then the other stuff like garnishes, star pattis wheel caps rubbers: another 20K
Tyres (set of 5): 30K
So you have on yourself a very well restored and good car within the range of
2:0-2:50 lakhs give or take a few thousand.
My advice, if you spend well in the beginning, you wont have to keep going to the garage and you can drive this baby as a daily driver. Shes good for another 100K kms at least.
If you can post the interior pics.
If you need any help from me, just ask.
If you ask me, for 60 K I would have bought it.