Is it possible to create customized calendar with enabling only specific dates to be selectable?

Sure. You would just have to build it from scratch. You could start with a simple read only grid and add rich text fields to the cells.

hi Stefan Helzle , Can you please elaborate how to proceed or any ref documents

harikumarm0002 
Can you help us with example?

I am not sure what you are looking for. I do not have any ready made example at hand, and filling a grid with dates is simple.

Hi Hari,

Can you provide few examples? ideally you can achieve this using isusermemeberofgroups, rule output etc.

If you can let me know what exactly you are looking for , that would be great.

Hi Shubham Aware  

Example : To block the meeting date -> 

1.  Meeting date can be selected only within certain date range for all users (e.g.., March 1 to June 30)
2.  All the bank holidays should be disabled to avoid selecting the holiday dates by mistake for all users.
3. For a particular location, if the date has been selected by one user, same date should not be able to select by other user for the same location. So once the date is booked, it should be disabled in the calendar based on the location selection
4. Same user cannot select the same date for two different locations. So once the date is booked, it should be disabled in the calendar based on the logged in user as well

Example : To block the meeting date -> 

1.  Meeting date can be selected only within certain date range for all users (e.g.., March 1 to June 30)
2.  All the bank holidays should be disabled to avoid selecting the holiday dates by mistake for all users.
3. For a particular location, if the date has been selected by one user, same date should not be able to select by other user for the same location. So once the date is booked, it should be disabled in the calendar based on the location selection
4. Same user cannot select the same date for two different locations. So once the date is booked, it should be disabled in the calendar based on the logged in user as well

So, what exactly are you looking for?

Is this about the data model design, the business logic, or how to display it to the user?

yes,  business logic

it is possible to achieve or not ?

Sure it is.