1. A method for transmitting at least one real-time customized notification alert to an electronic communication device of at least one user characterized by enabling a software-based platform to process a profile data and a contextual data associated with the at least one user to generate the customized notification, the method comprising computer-implemented steps of: acquiring the profile data for the user, wherein the profile data comprises user specific contextual information, demographic profile and a list of event types for which a notification alert in a specific format is desired; pre-processing, filtering, extending and on-demand loading or unloading structured background knowledge comprising geographical information and changing information about a plurality of users in order to derive a refined structured background knowledge relevant to the profile data for the at least one user using a set of one or more rules or one or more queries registered through an application program module communicatively coupled to the electronic communication device; receiving at least one raw event feed from one or more heterogeneous sources in assorted data formats, wherein the heterogeneous sources are a part of sensor network communicating with the electronic communication device though a communication network; determining a raw event data and a raw context data from the received raw event feed by using a context mapping database storing the user specific contextual information, wherein the received raw event feed is of at least one data format selected from a group comprising of text, image, video, audio, multimedia and combinations thereof, and wherein the raw event data is selected from a group comprising of traffic jams, robbery, flood, climate updates, traffic accident, road blockage, criminal activity, mutually affecting event among multiple users and combinations thereof; converting the raw event data and the raw context data into a structured knowledge format; loading a combined structured knowledge comprising the refined structured background knowledge, the structured raw event data and the structured raw context data into a stream reasoning module; applying stream reasoning by querying the combined structured knowledge to determine if the received raw event feed is relevant to the acquired profile data and the user-specific contextual information for the user; and transmitting the notification alert on the electronic communication device of the user in the specified format if the received raw event feed is identified as relevant by the applied stream reasoning.