Can i buy 15 years old house only having panchayath approval

Dear Sirs,

I came across a property in bandlaguda jagir, hyderabad. Which is a 130 syyds house. but old one. He is selling out almost near to plot rates. I just want to know what are the risks involved because there is no LRS, its only panchayath approved. For seller, he has took some loan also on that house.