I have made a prototype board to check the main feature of the above circuit on a perforated board. I tested the board with a BME280 sensor hook up to the Sender Board, and finally received the sensor data successfully. 

Here are some pictures of my prototype test

Interfacing with 4.2" e-paper Display:

I have tested the prototype board with the same pin assignment as I have done in the above schematic diagram. My idea is to make a customized display with all the sensor data and some icons and graphs.

I found a beautiful code on GitHub with a similar thought, but the author uses weather data from  Open Weather Map instead of actual sensor data. My plan is to modify the existing code to incorporate the sensor data and retain the weather icons and graphs. 

I just uploaded the example code to my receiver board, and it works satisfactorily. No, my challenge is to tweak the existing code to achieve the desired goal.