is Bitcoind -gen solo mining ? I am running "./bitcoind -daemon -gen" in my machine . Is it solo mining ? If so, what does it take to create 1 bitcoin ? When i run "./bitcoind getbalance" it is always 0.00000 . 
"./bitecoind getmininginfo" results in:
{
    "blocks" : 319203,
    "currentblocksize" : 1000,
    "currentblocktx" : 0,
    "difficulty" : 68.59413778,
    "errors" : "",
    "generate" : true,
    "genproclimit" : -1,
    "hashespersec" : 1447,
    "networkhashps" : 2298081699,
    "pooledtx" : 0,
    "testnet" : false
}

Am i on right way ? If so, what does it take to create 1 coin ? Also, when i create a coin, how to send it to my address ? will it be automatically ?
Yes it's solo mining, and the difficulty is so large that you will never be able to find a block before the mining pools do. You have a better chance at winning a lottery than mining a block before big pools do.

So you will most likely never get any coins.