Progress Update:
I have not been able to put up any pictorial updates, will do so this weekend.
There have been some progress and also some setbacks since the last time I posted updates.
First, about the progress:
1) The carpenters have made good progress. Plywood boards for the upper half of the walls have been completed. I have made them hinged on the top with magnets below, so I can open them anytime if I need to add wiring, change thickness or density of fibreglass or for any unforeseen reason. They have also completed the framework for the front wall. The front wall will be built around the 50 inch Plasma that I am yet to buy. This wall will be done up last as I want to benefit best prices and also full warranty. The Carpenters are currently working on building the framework for the ceiling.
2) Anutone boards arrived on Tuesday evening. I have also purchased impeller clips from Anutone to mount the boards on. The impeller clips allow you to remove the boards whenever required.
3) Like I mentioned in my previous post, I got two metres of fabric which I have finalised for the upper half of the wall panels. It is reddish orange raw silk.
4) I got one more roll of 32kg/cubic meter density and also one roll of 48 kg/cubic meter density. While I was there I was lucky to come across Tissue cloth made of Fibre Glass wool. This is a thin, acoustically transparent material that I plan to use between the fibreglass wool and the panels. This will prevent any fibreglass flakes from flying around when I open the panel. This cost me Rs.500 for a roll of 50 metres. This is much more than I require, happy to share with others when I am done. Before I found this, I was searching for a tissue like paper. It is porous and is used to make caps for surgeons, chefs etc

. I kept searching fo this but never found it in the size that I required. I am glad I found this fibreglass tissue cloth:yahoo:.
Now, for the setbacks:
Go get some popcorn before you listen to this part. It is long and hopefully interesting too. On hindsight, I enjoyed the hard work.
1) Monday morning was a nightmare. Not sure why, but I woke up at 3AM. I could hear it raining heavily. Something told me that the carpenters may not have closed the windows and hence water might have entered the Home Theatre Room. I walked towards the room, the entry is through another room and I could feel water at my feet already. Strangely, I remembered Vinay's advice on not having any windows in the Home Theatre even at that time. I switched on the light to find that water was flowing from the Home Theatre into the adjoining room at the speed of a tap. Immediately, I entered the Home Theatre to find that the cause was not the windows, but a hole in the wall that the plumber had made earlier that day to route an exhaust through the room. He had not closed it with cement and I had not got a chance to inspect it closely. I quickly moved electric tools and wood away from the water. I then tried blocking it with various things but it would only reduce the inflow but not completely stop it. I could not understand why there was so much inflow, so took my maglite torch and an umbrella and went to the terrace to get a better view. The cause was that the plumber had removed another pipe which was meant to collect water from the entire terrace and take it to the drainage (will be changed soon to rain-water harvesting). So all the water collected on the terrace was rushing through this point and through the hole into the Home Theatre Room.
I decided not to attempt to fix this until daybreak as it would be too risky. So I blocked the hole from inside to the best possible, but still water was trickling in fast. I then mopped the adjoining room as there was a computer and a motorised threadmill in that room. Also, there was a chance of water entering the rest of the house if the level increased. After that, I went back to sleep checking every half an hour if mopping was required.
Finally, at around 5:30 AM, started collecting tools, nails etc for fixing the problem. It was still pouring heavily. I informed my dad about what my plans were and then headed to the terrace with some polycarbonate sheet, some nails and a hammer. Jumped to the neighbour's terrace and then back onto the sunshade. I then diverted the water flow using a long pipe and also nailed the polycarbonate sheet to cover the hole, thus blocking water to almost 99%of the original flow. With the problem now fixed, I prepared myself mentally for the Monday ahead. Luckily, the rest of the day went smooth. I have pictures taken pictures, will post this weekend.
Damages: Water had trickled into some of the panels and some of the fibreglass needs replacing. I was lucky to have used marine quality plywood and also to get there just in time. Carpenters spent atleast two hours cleaning and re-organising themselves that day as some areas were still damp.
2) Anutone Boards were slightly smaller compared to the Plywood Boards that I had gotten made. I had told the carpenter to make the boards 2 ft x 4 ft (24 x 48 inches) as the Anutone boards were also 2 ft x 4 ft. Little did I know that Anutone boards were smaller by half and inch on both sides. Anutone uses metric system for measurement and the boards are exactly 600 x 1200 mm. Now the problem is that the upper half of my walls are Plywood covered with fabric while the lower half is the anutone boards. Now, my plan was to have a groove like pattern between two boards from top to bottom and left to right. To achieve this, both plywood and anutone boards would need to be of the same size. I called up Praveen from Anutone and explained my problem to him. Today morning, he got back to me saying that he would get new boards made exactly of 24 x 48 inches. I will be getting the boards on Monday.
All is well now and things are back on track.