I did further research and taken input from this forum and came up withthe below list. Would like to hear from experts on this forum if they see any issues with these.
My main purpose is to use these for Movies and Music, in a home theater setup. I do want very good quality sound.
Center: Polk Audio CS10 Center Channel Speaker (Single, Black) - Polk Audio
Front : Polk Audio TSi300 Floorstanding Speaker (Single, Black) - Polk Audio
Rear/ side : Polk Audio TSi100 Bookshelf Speakers (Pair, Black) - Polk Audio
Sub: Polk Audio PSW505 12-Inch Powered Subwoofer (Single, Black) - Polk Audio
Receiver: Onkyo TX-NR809 THX Certified 7.2-Channel Network A/V Receiver (Black) - Onkyo
The Onkyo 809 will power the speakers and subwoofers.
Please share your experience and advise if this is a good 5.1 setup. For now I will keep it 5.1 and then add the remaining two speakers in couple of months.