Finally, its my pleasure to post this answer.
Layered Windows as worked just so amazing for me.
This is resolved.
I have used:
SetLayeredWindowAttributes(hwnd, 0, (255 * 70) / 100, LWA_ALPHA);
If I want the remaining area on the dialog to be made transparent, I will just add the RGB color and in last parameter LWA_ALPHA | LWA_COLORKEY
I have added this on VScroll event of the Slider Control. So that the alpha percentage can be controlled by the position of the slider control.