For 1.25 Lacs, you can get atleast 5.1.2 Atmos set-up, if you wish to.. If so, you can consider any AVR from Yamaha / Onkyo / Marantz / Denon / Pioneer.. All of them between 40 ~ 50K maximum..
For the remaining 75K, you may consider Taga Platinum range of speakers and subwoofer as one of the options ..