The correct answer is Option 1 which arranges the mentioned historical events in chronological order:
Event II: Construction of Qutab Minar was completed in 1220 AD during the reign of Iltutmish of the Delhi Sultanate.
Event IV: Firoz Tughlaq, a ruler of the Tughlaq dynasty ruled Delhi and passed away in the year 1388.
Event III: The Portuguese arrived in India in 1498 when Vasco da Gama landed in Calicut.
Event I: Krishna Deva Raya ascended the throne of Vijayanagara Empire in 1509 and ruled till 1529.
Option 2 wrongly places the events I and III. Event I comes after the event III. Options 3 and 4 incorrectly place events IV and II, these events occurred before events I and III. Thus, option 1 (II, IV, III, I) is the correct answer.