track lights

Hi Rishab, You can avoid creating 4" false ceiling and create 1.5 / 2" false ceilings just to let the wires hide and run within the false ceiling. I will not recommend conduits or exposee ceiling unless you wish to do a rustic interior design. You can go for Surface mounted lights and track lights. They are beautiful and are available in different shapes and sizes too.

You can always go for a plain 3" drop false ceiling. you won't loose height, you'll conceal wires and you'll also be able to have more options for the type of light to use. additionally, a plain false ceiling will not be a home to pests, if that's one of your worries

pendant lights looks nice only if place above a table like a breakfast nook or island. hanging them freely does not complement their look. since there is no island under the ceiling try to embed recessed lights in the ceiling. alternatively track lights will also look great if you need brightness.