Hi Balaji,
I can't provide you with a proven solution, however van give you some ideas that may be worth investigating.
Is the error still present of did it go away? It may be due to temporary network unavailability.
In case you do not use the Mendix svn but a custom on premise one: it could be an authorization issue.
Maybe a firewall blocks some network traffic?
One other possible cause i can think of: did you place the project on a onedrive folder? That may also cause issues.
So, not a final definitive answer, but some pointers to look for. I hope this helps.