Can any one help us to 'setup a change management in SMC' @ chennai !?
While creating Repository you can enable change management.
Check this document and try to read chapter 3 Creating the metadata repository(which helps you in creating change management)
My question is can we create a middle of the project...Is it possible ? If it is how to start and where to start ?
Yes you can, it's just a matter of setting up the authorization correctly. Shouldn't impact development if it's done right.