ssuresh316...I hope all the pros on Houzz are in agreement here. Your room can be built as you envision it but we pros leave those sort of questions to a different kind of pro. Joanne is correct in that you need an engineer...but call a structural engineer. Civil engineers do roads, drainage, utilities and surveying. Structural engineers tell us how to make the building stand up.

So sorry.....I see the dimensions on your floor plan now....oops. It was middle of night here. You have a great place with lots of options. I will try to find a picture for you, but here is what I would try. TV on left wall. Put it on a console table 20" to 30" high, or wall mounted with a wall mounted console below. TV should not be too high or too low for viewing pleasure. The main walkway to the balcony will be on left side in front of TV. To see how the arrangement feels, Try your sofa on the right wall facing the TV. Then put one of the chairs in front of the sofa with its back to the glass and the other opposite of it with the back to your entry. If you feel this arrangement is too far from the TV, a sofa table can be used behind the sofa to move the whole seating arrangement forward. Then if this feels good, you can add a rug. The rug should be at least big enough that the front feet of the furniture can rest on it. You will then need tables on the sides of your sofa. You have the choice of a coffee table or what is called "cocktail ottoman" which you can put a tray for drinks and food on, but still put your feet up. That is always nice when watching TV. If you like this arrangement and go to buy new furniture pieces,get the chairs on each side of the sofa that swivel so the person can watch TV easily. You need to think a lot about what colors you will use in this houses if any rooms are done, take some cues there. It's a big decision that will influence every purchase. Find a 3 color combo that appeals to you. Again look on Houzz at the living room pictures. Post some here that you like.

What is the dimension of your bathroom? Looks like 4 feet wide, can't make out on length though. Glass partition or tiles partition for shower would help to keep your bathroom clean and dry and revamp look drastically. Wall hung WC is must, again from cleaning and look perspective. If window is not providing any light ( though your photo suggests some light coming from window) this area can also be used for multipurpose. You are welcome for more queries. Tiles selection can be decided based on a theme as well.

@Rock Doc: Are you addressing this to me? I haven't actually bought these tiles yet - when I do, I will definitely be going for the handmade ones. They're a work of art and irreplaceable in my opinion. However, there are also screen-printed tiles available in the market in more or less the same patterns; the workmanship is of course different, but you get them cheaper, and they're also more easily available. You could give that a shot. I'd recommend Aakaar Flooring Solutions - they're here on Houzz and are able to provide both the above-mentioned types.