7. A method for generating requirements specification to develop functionalities of a software, the method comprising: mapping knowledge elements of at least one ontology instance, selected from among a plurality of ontology instances in a knowledge base, with another ontology instance for a domain, selected from among the plurality of ontology instances based on an input received from a user and wherein the ontology instance defines a common vocabulary, in a machine-readable and processable format, for users who share information within the domain associated with the software being developed for which the requirements specification is being generated, wherein mapping knowledge elements using one or more bridge classes to specify semantic mappings of conclusions of a first ontology instance to the knowledge elements of a second ontology instance; providing a knowledge corpus from the knowledge base based at least on one or more environmental parameter selected by the user and the mapped knowledge elements, wherein: the one or more environmental parameters are selected to define requirements for developing functionalities of the software; the one or more environmental parameters include a geographical region; and the knowledge corpus includes features and associated knowledge elements based on the selected one or more environmental parameters; receiving at least one modification in the knowledge corpus based on a selection of one or more of the features and the associated knowledge elements in the knowledge corpus by the user, wherein the selection includes one of a modification and enhancement of the features and the associated knowledge elements; providing recommendations specific to the domain from the knowledge base based on the received at least one modification and using a plurality of lexical decomposition techniques to resolve a plurality of requirement descriptions, wherein the providing comprises: applying at least one inference rule on the plurality of ontology instances to identify an ontology instance from among the plurality of ontology instances based on the selected one or more environmental parameters; extracting semantic inferences from the identified ontology instance; and implementing the semantic inferences to the identified ontology instance for providing the knowledge corpus and the recommendations; and generating the requirements specification for the domain by incorporating the user's response to the recommendations, wherein the requirements specification indicates prioritization of a plurality of iterations the plurality of iterations indicative of logical and coherent units of functionalities of the software to be developed.
7. A method for generating requirements specification to develop functionalities of a software, the method comprising: mapping knowledge elements of at least one ontology instance, selected from among a plurality of ontology instances in a knowledge base, with another ontology instance for a domain, selected from among the plurality of ontology instances based on an input received from a user and wherein the ontology instance defines a common vocabulary, in a machine-readable and processable format, for users who share information within the domain associated with the software being developed for which the requirements specification is being generated, wherein mapping knowledge elements using one or more bridge classes to specify semantic mappings of conclusions of a first ontology instance to the knowledge elements of a second ontology instance; providing a knowledge corpus from the knowledge base based at least on one or more environmental parameter selected by the user and the mapped knowledge elements, wherein: the one or more environmental parameters are selected to define requirements for developing functionalities of the software; the one or more environmental parameters include a geographical region; and the knowledge corpus includes features and associated knowledge elements based on the selected one or more environmental parameters; receiving at least one modification in the knowledge corpus based on a selection of one or more of the features and the associated knowledge elements in the knowledge corpus by the user, wherein the selection includes one of a modification and enhancement of the features and the associated knowledge elements; providing recommendations specific to the domain from the knowledge base based on the received at least one modification and using a plurality of lexical decomposition techniques to resolve a plurality of requirement descriptions, wherein the providing comprises: applying at least one inference rule on the plurality of ontology instances to identify an ontology instance from among the plurality of ontology instances based on the selected one or more environmental parameters; extracting semantic inferences from the identified ontology instance; and implementing the semantic inferences to the identified ontology instance for providing the knowledge corpus and the recommendations; and generating the requirements specification for the domain by incorporating the user's response to the recommendations, wherein the requirements specification indicates prioritization of a plurality of iterations the plurality of iterations indicative of logical and coherent units of functionalities of the software to be developed. 8. The method as claimed in claim 7 , wherein the one or more environmental parameters is one of a domain, a line of business, and a type of project.