1. A method for transmitting at least one real-time customized notification alert to an electronic communication device of at least one user characterized by enabling an software-based platform to process a profile data and a contextual data associated with the user to generate the customized notification, the method comprising computer-implemented steps of: acquiring a profile data for the user, wherein the profile data comprises user-specific contextual information, demographic profile and a list of event types for which a notification alert in a specific format is desired; pre-processing, filtering, extending and on-demand loading or unloading structured background knowledge comprising geographical information and slowly changing information about a plurality of users in order to derive a refined structured background knowledge relevant to the user's profile data using a set of one or more rules or one or more queries registered through an application program module; receiving at least one raw event feed from one or more heterogeneous sources in assorted data formats; determining a raw event data and a raw context data from the received raw event feed by using a context mapping database; converting the raw event data and the raw context data into a structured knowledge format; loading a combined structured knowledge comprising the refined structured background knowledge, the structured raw event data and the structured context data into a stream reasoning module; applying stream reasoning by querying the combined structured knowledge to determine if the received event feed is relevant to the acquired profile data and the user-specific contextual information for the user; and transmitting the notification alert on the electronic communication device of the user in the specified format if the received event feed is identified as relevant by the applied stream reasoning.