Hey @alkesh47 that's great to hear, thanks for your interest in the project! 
We've created #owncloud-gsoc on freenode-IRC for you guys interested in applying to any of our projects. You can find us hanging out there and ask you for questions
There's still some time before Google will publish participant organizations (you can see the timeline in https://summerofcode.withgoogle.com/how-it-works/#timeline) - on Feb. 12 we'll know for sure if we got accepted. Formal student applications will start one month later. In the meantime, I can point you to some beginner issues to to get you familiar with the project and our codebase:
What is your programming experience if I might ask? A short introduction with some background info about yourself can be useful to get to know you.