Limnocharis flava is a noxious aquatic weed that poses a threat to paddy cultivation. The high cellulose and low lignin contents in this plant make it a potential raw material for papermaking. Against this backdrop, this study was taken up to develop Limnocharis flava (LF) based sheets containing natural fibres from Banana (B), Pineapple (P), and Rice Straw (RS) as reinforcing agents. The influence of carboxymethyl cellulose (CMC) as a binder on the LF-based sheets was also studied. To enhance the mechanical and moisture resistance properties, a chitosan coating was provided to the sheets. Analytical tests for mechanical properties, water barrier properties, functional groups, structure and microstructure, thermal properties and biodegradability were performed. Among the samples, LF + B showed the highest tensile strength (34.86 Mpa) and bursting strength (13.055 kg/cm²), while LF + R had higher puncture and tearing strengths. Chitosan coating was found to enhance the sheets and improve the water barrier properties mechanically. The contact angle of LF + B increased from 91.6° to 110.65°, while the water vapour transmission rate of LF reduced from 532.18 to 404.47 on providing chitosan coating. The significant interactions of reinforcing agents were confirmed by the results of FTIR and that of the coating by the SEM micrographs. The LF-based sheets were also found to have decent thermal stability. The high value of the crystallinity index in LF + R samples supported their remarkable mechanical properties. This study proclaims the notable suitability of Limnocharis flava in manufacturing paper for packaging applications.