I am developing an augmented reality application where it recognizes objects and change the colors real time (example color of walls of a house). Can I use Vuforia SDK for this or are there any other better sdks to be used ?
Basically yes - Vuforia is able to detect pre-known images and let you know when something was detected, and what you do then is up to you. However, it depends on the objects you plan to recognize - Vuforia does not allow just any image to be detected, the image must have enough features. You can read about this here: https://developer.vuforia.com/library/articles/Solution/Natural-Features-and-Ratings