Protocol Design for IoT devices having PSK using AES-GCM
Would it be OK if the iv used in handshake gets repeated considering the plain text is a random number?


No, it would definitely not be OK.  Reusing the IV will allow the attacker to recover the internal GCM H value - this will allow the attacker to make arbitrary modifications to encrypted messages.

For static keying (or anywhere else where it's difficult to avoid repeating the IV), GCM might not be the correct solution.  Perhaps AES-SIV would work better?