It is a bit tight, but can still be made to work. Are you planning on putting the screen on the shorter wall?

You need to get this information locally in India. Your local AV store will be much better suited to answer your questions. That said, hiding the speakers instead of having them on the wall is certainly better from a design standpoint.

Dr Mallikarjun, It depends on a number of factor how many seats we have and what is the seating arrangement, image resolution and placement of the projector. However, 119 or 133 inches may be considered. Thanks, Nitin Cornerstone Designs, Bangalore.

Well. You may not be able to install a traditional home theater that includes a projector set up to project on a screen as it needs the room to be blacked out when you watch the movie. However, a LED TV with AV receiver and speaker setup should be still possible based on the size of your room. It's your preference. I would advise go for a dedicated HT room if you are investing more on the projector, receiver and speakers. If your investment is less then a living room set up is still okay.