Hi Raghavendra Bhagwat,
It's quite a challenge to implement a rate limiter in Mendix, as using regular Mendix building blocks is stateless at runtime, and always retrieves some state from the database.
With high-speed functionality, like rate limiting, retrieving from database might be too slow as it costs roughly ~30 ms to retrieve something.
If it's not that time-sensitive, this might just work. Otherwise, you might want to look into stateful storing stuff via Java. Remember that your application may run in a multi-node environment.
Good luck!