Hii @kartik,
As always with Android there's lots of ways to do this, but assuming you simply want to run a piece of code a little bit later on the same thread, I use this:
new android.os.Handler().postDelayed(
    new Runnable() {
        public void run() {
            Log.i("tag", "This'll run 300 milliseconds later");
        }
    }, 
300);
This is pretty much equivalent to
setTimeout( 
    function() {
        console.log("This will run 300 milliseconds later");
    },
300);
Hope this works!!