Is there a way for me to make my own transmitter and Receiver system right from the scratch to be used for the RC hovercraft I am working on or should I opt for buying one? If there is, can somebody show me the right path for the same??

RC systems are very cheap now. You can get 2 channel RC toys for $30 or so.. even less. You cannot make them any cheaper.

well I haven't been able to buy one here.......... the thing is the organizers of the competition for which i am competing have made it compulsory to use the 2.4GHz frequency RC system......... Can anyone tell me how should i make it because i havent been able to buy them in my area............

Sorry to sound pessimistic, but I don't think an amateur can do this sort of development : it would be like building your own celular phone.

 

efzauner is right : these equipments are cheap. If you cann't find one in your country, try to import it via Internet.

RC systems are very cheap now. You can get 2 channel RC toys for $30 or so.. even less. You cannot make them any cheaper.