Hi @vignesd

Your error pop up is clearly saying that you do not have rights and you do not belong to Project Collection Build Administrators group .

This error you are getting because you do not have user rights to create a project on that server. contact your admin for permission or just ask to create that folder for you and permission.

For Further Information checkout following links:

tfsbuild - TFS Build Service Wizard Failing on 'Edit collection-level information' permission set to Allow - Stack Overflow

If you have admin account details then to setup admission permission checkout this link:
https://www.visualstudio.com/en-us/docs/setup-admin/permissions

For new beginners like
if you wants to checkout these links:

Connecting your Project to a Source Control