Hi @shrutipulstya — Welcome! 
The general idea is read-up on the background, get an overview and then come up with a proposal, seeking input where needed on the way.
There’s already some discussion on this project idea here GSoC Proposal Feedback - Adding Rate-Limiting to Core - Django Internals / Mentorship - Django Forum and on the mailing list thread about the original ticket: Ticket #21289 - Login Rate Limiting
Just as a tactical point, given the existing discussion, it’s likely we’ll have at least that application in for that project… 
If you’re particularly interested in that project, then that would show through in your application, but having an eye to one of the other project ideas listed (such as DB Cascades, or per-field instance lookups) might be worth thinking about too.
I hope that helps. If you have particular questions please do open a new topic!
Kind Regards,
Carlton