First of all, special thanks to @rx115 for this most valuable and accurate piece of info, and all others who took the time to post suggestions.
Here is what i bought and the breakdown of the total expenses i have incurred on just the Rims.
Araya 2.50-18 Front Rim: Rs.1320 .... It was definitely Araya "J", and "J" was mentioned alongside the dimensions of the rims i.e. 2.50-18. If anyone wants i can post pictures as well, but i don't think it needed. Plus, Rs.1320 price i got is expensive because original price is somewhere around Rs.1200 or Rs.1250 (Rs.1250 was Makhdoom Auto's rate). Some crazy people were even selling just the front rim for as high as Rs.1500. (Union's Rim on the other hand, was slightly cheaper at Rs.1250).
Araya 3.00-17 Rear Rim: Rs.1450 ... again, definitely Araya "J". It was fairly priced. Some quoted a price of Rs.1600 or Rs.1550. Asif Autos gave it for Rs.1450.
I basically visited whole McLeod Road, but some of the shops which i do remember, are Butt Autos, Jadeed Autos (with crazy rates), Makhdoom Autos, Green Autos, Rehan Autos, Asif Autos etc. I purchased from Asif Autos because he was the only one having BOTH front & rear rims in stock ... and costed me Rs.2770 for JUST the rims.
Moving On ....
I had to get BOTH of the Tube changed, because ... well they had too many punctures and the rear one was raped to death by the rusty rim, with cuts and holes everywhere. Front Panther 2.50-18 tube Costed me Rs.270 ... and Rear Panther 3.00-17 tube costed me Rs.350.
Wheel Wires (Spokes Wires & Nuts set, or whatever you call them): Front are AHL's Geniune (Desi) ... costing Rs.260 || Rear are IHS (Wilayiti and much better in quality) at Rs.250.
I could not find the IHS spokes for front wheel because of shorter length of wires, which is because they are made for Smaller front Drum CG125, and NOT for bigger front Drum CG125.
Wages of the guy who did the work: Rs.400
TOTAL (excluding the Rims): Rs.1270
TOTAL (INCLUDING RIMS): Rs.4040
If anyone needs any sort of pictures, just ask.
Thanks for all your help.