@Vijay,
I'm not sure if you are looking for a general ISD Model, like ADDIE, or a process for designing online courses in higher education. In terms of ISD models for higher education, I recommend either the Dick and Cary model (http://goo.gl/pfYLsw) or the ASSURE Model (http://goo.gl/eWI06v).
Beyond a general model, a process I use for course development in higher education, is described in a book called "Conquering the Content", by Robin Smith (ISBN-10: 0787994421). I use it for faculty development courses at Mission College (http://www.missioncollege.edu).
Finally, Mission College librarians have developed a very collaborative approach to designing a "core" course using our LMS's learning objects repository. Contact me at curtis.pembrook@wvm.edu if you want more info and I can connect you with our librarians.