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In this paper we propose an approach for learning low dimensional optimized feature space with minimum intra-class variance and maximum inter-class variance. We address the problem of high-dimensionality of feature vectors extracted from neural networks by taking care of the global statistics of feature space. Classical approach of Linear Discriminant Analysis (LDA) is generally used for generating an optimized low dimensional feature space for single-labeled images. Since, image retrieval involves both multi-labeled and single-labeled images, we utilize the equivalence between LDA and Canonical Correlation Analysis (CCA) to generate an optimized feature space for single-labeled images and use CCA to generate an optimized feature space for multi-labeled images. Our approach correlates the projections of feature vectors with label vectors in our CCA based network architecture. The neural network minimize a loss function which maximizes the correlation coefficients. We binarize our generated feature vectors with the popular Iterative Quantization (ITQ) approach and also propose an ensemble network to generate binary codes of desired bit length for image retrieval. Our measurement of mean average precision shows competitive results on other state-of-the-art single-labeled and multi-labeled image retrieval datasets.