Hi Deeraj, welcome to the forum.
I'd suggest that you go a little slow on the entire setup. One and a half years back I was almost in a similar situation like you. I have adhered to the suggestions by senior members here - to concentrate on the front 3 first. Rears and heights can be added later - gradually. It was a good decision. You can consider the following options.
1. Get the Denon x1500h receiver. You are left with 60k. You will get good options from Dali(Spector) and Q Acoustics(30** series) in this range. A pair of Spector bookshelf and Center will cost you around 40k. Get the Yamaha NSW300 Subwoofer at 30k. You might need to stretch your budget a bit but you will get a very good 3.1 setup to begin with. Add the rear speakers as and when situation permits.
2. If you are open to floor standing speakers, get the following.
The Tannoy ECLIPSE 2 is a 2 Way Floorstanding HiFi Loudspeaker with 5” Mid/Bass Driver (Black Oak Vinyl)Tannoy ECLIPSE 2 (Pair) - The Tannoy ECLIPSE 2 is a 2 Way Floorstanding HiFi Loudspeaker with 5” Mid/Bass Driver (Black Oak Vinyl)Tannoy ECLIPSE 2 Feat
hifimart.com
You can add a decent center channel and rear speakers with the remaining 40k. This way, you can have a good 5.0 setup. If you feel the need, then add a Subwoofer later. But don't go with subs lower in the pricing hierarchy.
3. Have a look at the following setup and add Denon x2400h.
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