You don't need such a large double height ceiling for a small house, half of that size will do or remove it completely since you do have setbacks. You can remove the bedroom balcony and pantry which will end by being underutilized. Move bedroom toilet to where the balcony is or where the wardrobe is. Convert the family room to another bedroom. The double height space and current toilet of M. bed would then be your family hall

Thanks everyone, I'm planning to get my floor tiled up soon, and then later the whitewash. So before all that, I wanna do away with the construction part, if required to transform this hideous corner. I had the roller blinds in my mind to hide these iron windows, but I will also look at options for changing them windows entirely if budgets allow. I might have to use some false ceiling work as well. Posters, I don't think can find space here, but a lounger sofa-bed is a surething with some nice lights. Please do share some pictures of the lights and loungers and floor tiles if you may, for suggestion. I'll be obliged. Thanks again!

Dear Mr. Dinesh, Since you are looking for securiity with aesthetics, you need to incorporate a security grill in form of a geometric lattice/ jaali. You can choose between SS/MS or corten steel to do that. Second, you need light and ventilation along with weather proofing. Hence, it would be a really good option to go for anodized aluminium doors/ WPC doors which would be cost effective and decorative as well.

You can cover the balcony with grills and put a pigeon mesh which is easily available in the market. paint the balcony to your taste and put some hanging pots and cane swing or do some low sitting arrangement with mattresses and cushions.