You have all the reasons to redo the house, its very lifeless and looks worn out. I feel creating a separation will terminate the spaciousness of the room. Adding colours will surely help, Since you have a tan color sofa,I suggest grey, white or light blue color on one of the walls. Add some art works of the color you chose for the wall. This room needs some fillers like , books, throws, candle stands tall and lean. YES DON FORGET 1. Mount the tv on the wall make some space on the floor and Fix a large size mirror ( Wooden Frame if you can afford).

HI -- If you could find a squared console or buffet cabinet that will fit against the side of your big cabinet that is close to the style and color of the big cabinet , then place the TV on top or hang the TV on the wall with a swing bracket . Then add a, just as long, floating shelf over top of the TV .at a level no higher than the top of the big cabinet. Ikea might have something that would work for you that is black or something you could paint to match your big cabinet.

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@Cornerstone design studio: Apologies for making big post; thought that more info will help. @Rupal ji, If it sounds like I dont need any changes; my apologies for that. Let me put it in short,"I am looking for options that give modern facilities without leaving good things from old charm/ comforts. " Thanks for the straight forward comments. I shall try to edit my original post to make it simpler and that looks open to new ideas.