I wanted to know that, is it possible to create a pool of objects? So that I can take an object from the pool and once I'm done with the work, I can put it into the pool.
It is possible yes. You can see performance improvements in many situations if the construction of a new object is expensive (like establishing a database connection) or if for other reasons the GC bandwidth is too high (often a problem in Android-land).
Here are some resources that you could use to implement your pool. You may be able to use Apache's ObjectPool right out of the box.
ObjectPool
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