You do have enough space for a small dining table , sofa and temple. You might want to section off your temple with a room divider . Here is a link to a page full of choices: http://www.wayfair.com/Room-Dividers-C416703.html Here are some small rooms that have both a seating area and a dining area. Hope they give you some ideas:

Hello Ankesh, send the layout along with the dimensional detail and your requirements.

My humble opinion is one needs space in the bedroom to walk around, dress or for yoga, stretching, etc. But this is just my opinion, not imposing it. I have a similar size bedroom and am struggling with space, there is a big wardrobe occupying 48x24 space on the floor and a mini Godrej Almirah, which I cannot get rid off for sentimental reasons(!). Plus I have a small readymade computer table. My bed is twin single beds put together and is 60"x72". Space is a big problem, so I liked your Layout 1. Would you consider the TV to be mounted in the bottom right corner? Is it a large screen TV?

1st option Use the same rosewood/mdf on the TV modular wall to continue woodwork pattern as per the opp wall and add some storage as well. 2nd option make it a black TV cabinet with led strips behind. Change to light colored 3+2+1 sofas and consider using 2 Fancy Ceiling Fans with LED lights as the room looks dark.