the back wall panels look like ikea besta doors. the hanging cabinet could also be besta boxes, but with customized doors. the console in front of it, you could get a similar look by using a malm console table and cutting it to height. from there you'd want to use a couple of besta cabinets to create the closed off storage. the low bench could be made with plywood and then stained or painted to match the finish of the malm/besta combo you choose. besta cabinets :: http://www.ikea.com/us/en/catalog/categories/departments/living_room/11794/ malm console table :: http://www.ikea.com/us/en/catalog/products/80196480/

I think we scared away shilpasharda...I too think the dampness must be dealt with first. No reason to apply new stuff if it is going to be infected with mould, peel off and cause health concerns. Fix the problem not the symptom.

Thank u all so much, though I must clear the confusion on the pic I posted... The actual space as of now has -'no cladding or wood planks' what so ever, it does have the same rectangular shape, the same ceiling pop, with the same electrical points for TV, and a balocny at the opposite end. Which is why, I was seeking your feedbacks. :)

A rug with a horizontal pattern could help along with a false ceiling above in which you can install a line of recessed lights. The tiles and border on the walls suggest that this is a passage in a shared washroom space like a health club. It looks a bit cold for that reason. So hang a lot of warm framed prints to make this space more inviting.