The steps given worked fine on Mac. However same commands should also work on Windows or other environments also.
Step 1: Create a repository using svnadmin by using the following command
For e.g. svnadmin create /Volumes/DATA/repos/svn/NewProject
where NewProject is the name of new project on svn and /Volumes/DATA/repos/svn/ is the path containing all other SVN projects
Step 2: Give apache user rights for this folder so that new folders / files can be committed to this project. Use the following command
sudo chown -R www /Volumes/DATA/repos/svn/NewProject
where www is apache user name
Note that sudo is used only on Mac and Linus system. You do not require it on Windows.
Alas, your new project is ready to be used. As a good practice, each project should contain three folders – trunk, branches and tags. To know more about them, google them.