I updated the value to "-Xms512m" in "idea64.exe.vmoptions" file placed at the location C:\Users\username\AppData\Roaming\JetBrains\IdeaIC2024.2 and it worked. This resource was helpful https://www.jetbrains.com/help/idea/directories-used-by-the-ide-to-store-settings-caches-plugins-and-logs.html#config-directory