@visakhv16, glad you are getting some useful input!
A couple additional comments:
-- "I was kinda overwhelmed with all the possibilities and fear of picking the wrong modules or missing out on the "better" ones." ... Yes, there's a huge expanse of possibilities in modular. The way I dealt with this when starting was i) set a basic design architecture (e.g. type of modules and # of modules) that would execute the type of instrument I'm interested in ii) get forum help to troubleshoot the design iii) pick some modules I thought were "no regrets" (e.g. well reviewed, well known, well loved) plus a couple "innovative" modules that interest me, from what is in stock at my preferred vendors iv) iterate with forum folks a bit more to help polish the subsequent rack design, and all along the way v) lots and lots of looking at modules' webpages, manuals and videos. BTW don't expect a rack to necessarily ever be finished, there will always be things you could change or add if you wanted to.
-- re: "I have a tendency of being overambitious without giving it a thought whether I would be able to truly understand and use them as I wanted." I was in that kind of head space about 2 months ago. I got a BUNCH of modular stuff all at once. On the positive side, I got a lot of good input from the forum, did some research, and was thoughtful, SO I do have a setup that strikes me as a full instrument and is very inspiring to me, which is great. On the negative side, several of the modules I have are crazy deep on their own, let alone in combination, and I'm now like "f(*&, am I ever really going to understand the timbral possibilities of my complex oscillators, etc. etc.?"
-- I bought a lot of stuff from Patchwerks in Seattle. One of the people there helping me choose modules said "everybody I know who's really good at modular, they really pound hours into their setup until they know every module inside and out." That has stuck with me as a good (and somewhat haunting) piece of reflection. SO I'm expecting somewhat the same of my rig: I'll start to really get good juice out of it reliably only after I have a pretty solid command on all the major module. From there, it's simple math: more modules--> more study / practice time to get command of. I've stopped buying additional modules because the "homework" I have left to do to learn my current modules remains very considerable, and I'm satisfied that what I have is a great platform for sound design and exploration.
-- FYI Lugia posted somewhere else that he's at his rack limit and will be deleting stuff. That being the case, I'd recommend you make a copy/duplicate of Lugia's draft rig above, and also copy the comments from this thread and email to yourself (or otherwise archive them). It is super helpful input from JimH, Lugia etc. above, and if you're still chewing on these topics weeks / months from now, its worth taking a moment to preserve what's been said so far.
Good luck!
Nicholas