Does any one have any idea of creating a custom component like the below image instead of using the image itself.
I know how to create a rectangle (a rounded one using the xml and not in java) which was discussed in the link here but i am not able to work with something like the pointer part.
does anyone have an idea to do this i would be happy if i am suggested.

Create a class that extends PopupWindow and set the background through code so that you can replace its color.
Here is a easy sample PopupWindow: http://www.ceveni.com/2009/09/popup-window-in-android-sample-program.html
See this post to know how to change/replace colors in a drawable: How to change colors of a Drawable in Android?
The
adjust()method from that post is enough for you.Create a new
PopupWindow, load the bg drawable, change its color and set the new drawable to the popupWindow.