Thanks a lot for your indepth inputs. Will help a lot in coming days.I have RN803. It is a real VFM stereo receiver with good musicality and ample power. But don't buy it if you plan to use Tone Controls (onboard DSP) or YPAO room correction. Apparently Yamaha (by their own admission) used a poor quality ADC and DSP chips for the receiver. But that should not affect sound quality if you use it in Pure Direct mode. I always keep it in PureDirect mode and never had any reason to use the onboard DSP. The Streamer, DAC and Amp sections are solid though.
I haven't heard Elac's with Yamaha but I think it would be a good match. RN803 is probably the most musical and powerful integrated stereo amp with builtin streamer you can buy at this price. Models from other established players like Marantz may be more musical but you won't get more than 30 or 40 watts in the same price range, which may not be enough for Elacs.
Other option could be a Class A/B multi channel AV Receiver from Pioneer Elite. The Elite VSX-LX302/303/304 are not far behind the Yamaha in terms of musicality. And they have lot more grunt than a typical 100RMS stereo receiver as they have much more headroom due to them being multichannel receivers with bigger power supply. Even LX504 is a Class A/B design. One thing about Pioneer receiver that impressed me the most is their ability to create excellent soundstage and imaging which the Yamaha can't match.
Both Yamaha and Pioneer Elite support DLNA/UPnP. That makes streaming Spotify/Tidal/Qobuz from your mobile to receiver an easy affair.