> I am  planning to do a project related to Google maps API

For new projects it would be wise to start with the V3 API (the topic
of this group is the deprecated v2)
http://groups.google.com/group/google-maps-js-api-v3

> I'm thinking about building a restaurant suggestion system where user
> enters his/her location, budget and preferences of food and the system
> will use Google map to generate a list of suggest restaurants based on
> the user's need.

Maps provide no features to search for businesses, prices etc.
If you have your own dataset, you can use maps to deal with the
location/display stuff easily, a simple example
http://code.google.com/apis/maps/articles/phpsqlsearch_v3.html

If you've no data, Google Places may help but probably not to that
level of detail
http://code.google.com/apis/maps/documentation/places/

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