Thank you @alimahr for your reply,
Your points are pretty solid and convincing. I'd love to buy a Mini Pajero with the specs you've suggested. About a year ago, I almost bought one (660cc auto), the guy selling was not going below 450k, and I was at my max 350k at the time. And that Mini Pajero was in pretty bad shape (engine + body), so I just walked away.
I searched local market for Mini Pajero as well this week. Some on PW and one at dealer. They are about 150k - 200k higher than my limited budget (with suggested specs). I know I can get a better car if I go up on my price range, but this is my limit for now 
Plus, with my bargaining skills, I don't think I can get asking price 200k down 
@umarxe, yes I found that interesting as well about the parts prices. I once bought "original" Suzuki Cultus distribution wire, it was 1400Rs. Which I later about again for 200Rs. from open market shop with same quality. My experience of buying part for cars is like "yeh japani car hai, parts sarey japan ky hein, so price is high". And for locally assembled Suzukis, its the same logic if you buy from Suzuki shop. But go to any auto shop, tell you need this and this part. He will tell you what qualities are available, and even the highest quality is cheaper than those "originals".
I have been searching all the threads here on PW, and set my mind on Potohar. But the issue is same. Price, and personally I don't get it. Mini Pajero have tons of features (power windows, air bags, solid build etc.) to justify its price, while Potohar lacks most of these and still people are asking 600k for 1996 models.
I know I can find Potohar in my range but not Mini Pajero. So, looking for Potohar (late 90s or early 2000s).