Welcome to Babychakra Priya. There are some fun fun and easy ways of doing that. Refer to these articles for ideas with pics!
http://www.babychakra.com/learn/823-7-excellent-ideas-for-children-s-room-storage

http://www.babychakra.com/learn/1231-5-cost-saving-ideas-for-the-right-kids-furniture

Thank u :)

Hi Priya. Hope you find these articles useful. Make more space because your needs will grow with your child. Happy storing!

I haven't got any idea to store his dresses :( can someone suggest on it plz? Should I go for a wardrobe now itself or is thr any other way. I planned of buying him a wardrobe when he turns one

You can check for foldable kids wardrobe option.
It takes less space and useful too.

ur dp is so sweet priya nava

there r lot of options available today for storing baby clothes...as your child grows u will require more space. so plan accordingly.

I've used a briefcase n a basket to store her clothes.... and reserved a specific row in our cupboard for her towels...

Thank u all so much for ur valuable comments. great response :) :)

U can buy a small rack where you can organise ur baby clothes, diapers, shoes all separately . It will b v convenient to you later when u plan for a wardrobe u can use this one for his story books and toys