The $\Lambda$-sequence spaces $\Lambda_p$ for $1< p\leq\infty$ and its generalization $\Lambda_{\hat{p}}$ for $1<\hat{p}<\infty$, $\hat{p}=(p_n)$ is introduced. The James constants and strong $n$-th James constants of $\Lambda_p$ for $1<p\leq\infty$ is determined. It is proved that generalized $\Lambda$-sequence space $\Lambda_{\hat{p}}$ is embedded isometrically in the Nakano sequence space $l_{\hat{p}}(\mathbb{R}^{n+1})$ of finite dimensional Euclidean space $\mathbb{R}^{n+1}$. Hence it follows that sequence spaces $\Lambda_p$ and $\Lambda_{\hat{p}}$ possesses the uniform Opial property, property $(\beta)$ of Rolewicz and weak uniform normal structure. Moreover, it is established that $\Lambda_{\hat{p}}$ possesses the coordinate wise uniform Kadec-Klee property. Further necessary and sufficient conditions for element $x\in S(\Lambda_{\hat{p}})$ to be an extreme point of $B(\Lambda_{\hat{p}})$ are derived. Finally, estimation of von Neumann-Jordan and James constants of two dimensional $\Lambda$-sequence space $\Lambda_2^{(2)}$ is being carried out.