This might get caused by some large objects/documents/resource-content/images. Check your application's project directory for large files, lose all the widget/com.mendix.widget.native*.* if you do not use Native anyway.
If this is an old project with thousends of commits, then lose the history. You can use TortoiseSVN for this (cf. Troubleshooting Version Control and Team Server Issues | Mendix Documentation and System Requirements | Mendix Documentation) but at your own risk ofcourse (thanks Leander)
If these option bring no relief, then create a new project, an copy-paste your current project into it by overwriting the .mpr of your bigslowapp to the .mpr of your newshinyapp and then copy/paste each widget that MendixStudio is complaining about.
Hi Nausheen,
Try with another studio pro version and check if the same issue is happening. If so please check your hardware configurations.
If your hardware configuration is sufficient please try to restart your machine and then clear the catch and temp file then try.