Thanks, for your work on the same. I also tried the same activity, it will change the color of the layer not the color property.
Finally I got the solution, By setting the image quality with JPEG pixel format for the tiff image, the size get reduced.
Issue
ImageCodecInfo ici = getCodecForstring("TIFF");
Solution.
ImageCodecInfo ici = getCodecForstring("JPEG");
by changing the parameter, my issue got solved.