Is developing an OCR considered a research project? Is developing an optical character recognition system for an alphabet which has no previous ocr considered a reputable conference or journal worthy research project, given the fact that there are so many commercial ocr system? Though, lots of conference proceeding and journal entries shows up when googled, but most of them are old and are about performance of a specific algorithm. There are also research on ocr for cursive alphabets which are hard to segment, like Arabic. The alphabet I am developing ocr for is of Indic origin and cursive as my final year undergraduate thesis. So, I'm wondering if it's a good research project.
Rifat, you have to ask your supervisor.  If (s)he accepts, then go for it, otherwise go back to the drawing board.

If this is, as you say, an area for which an OCR does not yet exist, then it sounds perfectly fine for an undergraduate project, but do not expect any reputable conference or journal to publish your results.