Dear Alok Anand,
Thank you for your query.
Yes and no.
There are several important ways to slice and dice Revit database elements into various groupings.
The most important thing, though, before you even start to think about programmatically creating anything whatsoever, is to achieve a certain level of understanding of Revit and the best practices and optimal workflows from a manual user point of view.
That will vastly simplify any of your programming endeavours.
Revit equips the BIM with a huge amount of very sophisticated automation.
Unless you understand in some depth what is provided by Revit itself, I can almost guarantee that any of your programming efforts will inevitably lead you into conflict with the existing best practices, and make your task much harder to achieve and probably also counterproductive and inefficient.
Here are some more extensive excursions into the topic of 'Revit and its API is different':
http://thebuildingcoder.typepad.com/blog/about-the-author.html#5.41
The most important hierarchy of Revit elements is the separation into family definition, family type and family instance.
Some families, such as walls and floors, are built-in system families. They also have types, and the instances are the walls and floors.
Play around with those concepts from an end user point of view to understand better.
To address your question more directly: I believe you would create all the levels first of all.
That is easy. Here is some sample code that creates a new level, floor and slab:
http://thebuildingcoder.typepad.com/blog/2014/03/creating-a-sloped-floor.html
It is included in the external command CmdCreateSlopedSlab in The Building Coder samples:
https://github.com/jeremytammik/the_building_coder_samples
That discussion also points to the ADN Xtra labs, which includes and external command Lab2_0_CreateLittleHouse implemented in both C# and VB that creates a model of an entire little house including walls, floor, roof, door, windows, room and various tags:
https://github.com/jeremytammik/AdnRevitApiLabsXtra
https://github.com/jeremytammik/AdnRevitApiLabsXtra/blob/master/XtraCs/Labs2.cs
I hope this helps.
Best regards,
Jeremy