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What phone do you have?
OTA = Over the air, as in your carrier would push the update for you.
As far as custom ROMs, I really don't know anything about your phone so you're best to visit the proper forum for yours and see if there are any for it.
Well, phones are like computers nowadays as far as i can understand, they have the same hardware, [qualcomm, snapdragon processors] but different interfaces. And one can install any ROM on phones [as in any OS on any compter provided they have the same hardware that supports it].
So do i risk my phone getting permanently damaged if I install any ROM for kit-kat 4.4?
Also, I have custom patched some of my apps using lucky patcher. So can I do this.
Take the entire backup of my phone using titanium backup to SD card. install new ROM i.e. Kitkat 4.4.
Then restore all my apps, settings etc. Using titanium backup pro?
So do i risk my phone getting permanently damaged if I install any ROM for kit-kat 4.4?
There's a thread on XDA about ROMs for the Canvas 2.
[Micromax Superphone Canvas 2][A110][ROM][JELLY BEAN]DrBhokali Rom [15/2/2013] - xda-developers
...but nothing recent though.
This is a phone from India, it might have something in common with some of the Chinese phones.
I require kitkat
With only 1GB ram, you're probably going to run into some lag, but you could always see if cwm has something for you