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Thanx a lot guys. Got some idea now about the rug
The length of the pile of the rug determines the quality of rug. If the knot count of the rug is high then it is ensured that the pile is shorter so as to showcase its intricate designs. For instance, a braided rug with around 900 to 1000 knots per square inch is shaven very closely which allows the designs of the rug to appear more clearly. For example Shag rugs are made with very long materials by creating a loop which are not trimmed and left with long strands.
This might help you further in quest for finding a perfect length of a rug:
http://www.rugsandblinds.com/how-would-you-go-around-picking-up-the-perfect-rug-for-your-home.aspx
It should be big enough to go under the sofas as opposed to only the coffee table and the shape depends on the patterns in your space.