Finally, I found the code to indicate the location of the project to be created. This can be done using the setLocation () method of the IProjectDescription class as follows:
IProgressMonitor progressMonitor = new NullProgressMonitor();
IWorkspaceRoot root = ResourcesPlugin.getWorkspace().getRoot();
IProject project = root.getProject(page1.getProjectName());
IWorkspace w = ResourcesPlugin.getWorkspace();
IProjectDescription desc=w.newProjectDescription(project.getName());
String projectLocation=page1.getProjectLocation();
IPath path1=new Path(projectLocation+"/"+page1.getProjectName());
desc.setLocation(path1);
project.create(desc, progressMonitor);
project.open(progressMonitor);
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