Bhabin, I was looking at your budget, 1.5L INR is roughly $2500, and I am assuming the budget is not just for AVR, but your total setup. Given that you are not likely to see US-level prices if you have to import a 220V AVR, you are going to pay $1000+ for your AVR, and roughly another $1000 for your projector. That does not leave much room for your speakers, as well as the Blu-ray and other sources you will need.
So, my curiosity is why you "need" (OK, if it is a "want" :-)) the X4000 or 4520? I am guessing it is because of Audyssey MultEQ XT32. Have to admit it was tempting for me too. But Audyssey MultEQ XT is nothing to sneeze at either, have you considered that in the lower-spec Denons? Maybe a X1000 would be enough for the size of room you mention, or any number of 2012 Denons with MultEQ XT? That would certainly leave better room in your budget for speakers.
Talking about speakers, what are you looking at? A while back I had read some interesting reviews on Sonodyne towers. Just curious if you have considered those?