Install an app from Google Play on Emulator

I ended up using the Genymotion emulator. It allows to install apps from the store without a problem and it's really quick in comparison with standard emulator.

This question is edited. This answer for those who have google play account.

If you want to download .apk files directly from Google Play. Check this. Apk downloader is a chrome extension which u can use to direct download .apk from google play on computer. After downloading that .apk

Start your emulator.

Start command prompt, and change your directory to the platform-tools folder of SDK directory. Paste the APK file in the 'android-sdk\tools' or 'platform-tools' folder. Then type the following command.

adb install yourapp.apk

Approach 2 - Download Genymotion and use drag-drop approach on its emulator.

Update - Now you can drag drop .apk on your Andorid emulator.