Thanks Pratyush and Shanmugam for replying back.
Below are my requirements:
1) Budget ( speakers and Avr): around 1 to 1.3 lakhs
2) Room size: I have a rectangle room with size as 21 x 10 x 9 ft (L x W x H) whereas my TV is kept at one side of the length and sitting position is at other side.
3) Living room or you have a dedicated room: Living Room
4) Movie Vs Music preference: mostly 65:35 for movie and music.
5) Viewing distance: approximately 17-18 ft
6) Do you have any of the equipment already: I haven't purchased any equipment yet. For video, I will be using my 6 years old LG 42 inch 3D smart TV, it has passive 3D technology. Would upgrade TV later to some 55 inch size with HDR 10 and Dolby vision capability.
At first, I was looking for soundbars, then moved to HTiB setup. However after doing some research, I am now inclined to build a decent 5.1.2 atmos setup in bits and pieces (since cant spend 1 lakh+ amount in one go).
I am looking for suggestions on right speaker and avr for my room dimensions and then will slowly add them over the next few month.
For AVR, I am looking for a decent 7.1 channel receiver with dolby atmos and DTS X capabilities so that it will be future proof for some more years. Some models I am looking are: Yamaha V6A, Denon X1600H etc.
For Speaker set, I dont have much space for Floor standing speakers, since just beside TV unit I have main door. However, I was blown away after watching Mr. Amrut Mhatre's home theatre tour video on youtube. He has used Taga Harmony Tav606v3 speaker set. Can I get similar output using bookshelf speakers (which will be mounted on wall). Another speaker set under consideration is Polk Audio TL1600.
Regarding subwoofer, what should be the maximum RMS rating I should go for as per my room's dimensions? I like bass, but not too much of it..
Thanks for all your help and suggestions. I am reading other threads as well, which has excellent information.