Thanks a lot Andy, Steve and Jan,

I believe relay is a 'better' choice in this application. I have better clarity on reason behind the selection as well. I would be grateful if you could please help me further,

A) Is there any way I can reduce the consumption further. Idea behind project is Comfort(automation) and Power Saving, and 41mA per relay is not justified. Because one unit per room will be set, and each unit will have 4-14 relays.

B) If my understanding is correct, multimeter is reading 'hold' current. Are latching relay cost effective and easily available ? Are they a drop in replacement, or I need to modify my design (s/w and h/w) ?

I googled for a month and reached no where on this topic :(