To answer your specific questions:
Shivansh Sharma:
1) Is it a good idea to develop the customized portlet in the SDk plug in environment?
I think it depends on what kind of changes you are doing. When you develop in the SDK environment, you are really creating a new portlet, but you can also leverage many of the services that LifeRay uses with the various LifeRay client jars.
Shivansh Sharma:
2) What would be the impact on this portlet in SDK Plug when migrating from one liferay version to another.
If you are developing on the SDK Plug-in, you are in essence creating new portlets which should be portable from one version to another. You'd just redeploy and should be good to go.
Shivansh Sharma:
3) Would these portlets -one from out-of-box portlet & one from plugin environment run on same liferay instance?
Since with the SDK environment, you are creating new portlets, they can reside on the same liferay instance. Its just as if you were developing a JSR-168 portlet, you can deploy on the same instance.
I'd also recommend looking into the ext-environment which you use to extend LifeRay source code/customize it. For instance, if you wanted to change the Login JSP page, you would use the EXT environment to do that. It all depends on what kind of changes you are making. Plus, you want to keep the original, out-of-box portlet, so you don't want to replace it, but create an alternate version of a portlet.
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