Dear Gopal, Rahul and Dinkar,
Thanks for the invaluable advice.
In a sense, you all are right by saying that with kids (particularly 2yr old) it would be a task on its own to handle a puppy. In past, I had a GSD and Spitz for good 4-5 years before us separated as family but then I did not have kids and my brothers kids were around 8 and 10 years. So it did not strike me what could have happened with small kids!
Therefore, I am ready to postpone the idea of owning a dog as of now for at least for an year.
Anyway, just for my knowledge. What would you suggest a bullmastiff or golden retriever or any other medium size breed? Because frankly speaking i do not want a small breed to own. I zeroed on these breeds as they are good with children and kinda adjustable in an apartment. At any point in time, I am not discarding there physical exercise demands on daily basis and would ensure that the puppy get at least 1 hour daily outing with some rigorous running etc.
Once again thank you for the invaluable advice I really appreciate you efforts.