Does liferay 6.2 allow using new Java 8 date classes such as LocalDate to be used as a datatype for entity column fields,in order to utilise more features on the same.We need to use
<column name="createDate" type="LocalDate" />
instead of<column name="createDate" type="Date" />
Is there some other means to achieve this?Does tweaking hibernate version,allow usage on the same,if so,is that valid?
Liferay 6.2 started with Java 7 compatibility and only got compatible with Java 8 later, mostly due to limitations of the supported application servers - this is a good indicator that there's nothing foreseen with regards to Java 8 classes. While they might work, you might run into untested territory. I'm neither saying it does nor it doesn't - although I suspect that you have tried already and ran into problems when you ask the question here.
As Guivani Grifante said, upgrading Hibernate within Liferay most likely will result in a huge mess, and if you are ready to do that, I'd rather ask to upgrade to Liferay 7 (though I didn't double-check its Hibernate version).
Another means to get to such an adoption is to use the old Date type and just add a converting getLocalDate() and setLocalDate() to the YourModelImpl and just implement the conversion yourself. Yes, a bit weird, but might be the quickest fix, without a lot of immediate upgrade hassle. However, if you use 6.2 CE, note that there won't be any more updates and you should move on to 7 sooner rather than later. If you're on EE, you'll have a while of support left.