My app is under developer release,
I want to submit another version upadate.
Do i need to release the app or Can I submit another update under developer release status?
Can any one please suggest me, thanks
Depends on what you want. If you don't want the version that is currently in Developer Release to ever be seen by users, you should reject it. Then post a new binary and have it go through the review process.
If you want users to see the version that is currently in Developer Release then release it and then add a new version as usual and submit your newer update for that new version.