Hello Sachidananda,
>> Is there any way to run HSRP between two different platform of Catalyst switches.(3750 & 4500).
if both are capable of routing (EMI image on C3750) you can.
HSRP is not so sophisticated: there is no field in the HSRP packets that describe the platform and no need to match.
These kind of requirements apply to redundancy strategies within the same chassis: like RPR or SSO.
I did this in lab setups many times.
Hope to help
Giuseppe