It seems to be Teak, which is a quite expensive wood. Lots of Yachts and Boats are made of Teak and it is used widely on decks, so, I still dont understand what your question is? What you are saying, is that because of the electrical and AC Vent, you need to drop the ceiling? Do you have straight walls/ceiling? can the wood be attached to the existing ceiling? The Carpenter installing the wood, could just lower the AC Vent and what kind of electrical are you talking about? The ceiling can lights?

There are a few ways. You can install wood panelling. You can wallpaper faux wood /veneer style. Or you can paint it faux wood. The latter 2 are possible because it's on the ceiling; far enough away to trick the eye.

Thank you. Point noted. I will remember that while we choose our decor so that i mix and match a little to break the monotony of the theme. I forgot to mention- there is one other reason why we settled for the no-false ceiling decision. I love the height of the ceiling and the ample natural light in the room. We did not want to cut off few inches by adding a false ceiling. We might add a portion of wooden ceiling perhaps if we feel that might be good, in future. But as of now is there no other option to make the room look complete, without the false ceiling I mean? Perhaps solid or textured paints-light reflecting colors on the ceiling or something like that... and getting back to the topic of false ceiling, are there options that can be added without reducing the height of the room? Because the two options that the designers gave me are wooden panels or POP wherein close to 1/2 feet is lost totally.

Place the cabinet against a different wall and not beneath that beam? There's no need for a false ceiling, instead you could do a simple cornice to soften and enliven the hard line where walls meet ceiling. You could apply the same cornice to the short, hard line where the lower side of the beam meets either wall. Keep it simple. You could even apply cornice ONLY to where the lower edge of the beam meets the walls. It softens the heavy horizontal impression, allowing it to pretend to be a very slight arch. If you're going to repaint, consider using slightly different shades for wall and ceiling. An alternate to the cornice is a shallow horizontal ledge to hold LED cove uplighting along all the walls, at the same height as the lower edge of the beam. If you do this in wood, clad the lower surface of the beam to make a feature of it and to match the cove lighting ledges. Keep the design simple. If you do none of these things, explore Houzz for pleasing and simple lighting solutions to brighten up the room. Just a few ideas...