How to use threadlocal for string variables and store different run time values durinng parallel class execution? I am facing multiple issues

I would never recommend using ThreadLocal in new code. Use it when you have old, single-threaded code that uses static variables, and you need to port the old code into a multi-threaded environment. If you replace the static Foobar variables with static final ThreadLocal<Foobar> variables, that's an easy way to let several threads in the program use the old code so long as each thread uses it in the old single-thread-like way.

I can't return this value in method because i am already returning boolean value.

That's what composite types are for. Why not do something like this instead?

public static commonClass {

    public class Name {
        public final String nameAsString;
        public final boolean flag;
        public Name(String nameAsString, boolean flag) {
            this.nameAsString = nameAsString;
            this.flag = flag;
        }
    }

    public static Name getName(){
    {
        //---some code here---
        String nameAsString = driver.findElement(By.id(element)).getText()
        //---- some code here----
        return new Name(nameAsString, flag);
    }
}

I am little confused, you have mentioned class inside a class, Are you suggesting to create a separate class 'Name'? beacuse i tried this but getting syntax error.

OK, My example (above) is a bit messed up. I just assumed that your code was Java, and that you were able to compile and run it. I changed it a bit to show my idea, but I did it without thinking too hard. Maybe I was half asleep. I don't know.

Anyway, here is a little Java program that you can actually compile and run. It illustrates the idea that I was talking about, which is, to return multiple values by using a POD (Plain-Old Data) class that is specialized just for that purpose. Of course, you may have to translate it some in order to make it work in whatever language you are using.

import java.util.Formatter;

public class CommonClass {

    public class Name {
        public final String nameAsString;
        public final boolean flag;
        public Name(String nameAsString, boolean flag) {
            this.nameAsString = nameAsString;
            this.flag = flag;
        }
    }

    public Name getName(){
        return new Name("foobar", false);
    }

    public static void main(String[] args) {
        CommonClass cc = new CommonClass();
        Formatter stdout = new Formatter(System.out);

        CommonClass.Name name = cc.getName();
        stdout.format("name=%s, flag=%b\n", name.nameAsString, name.flag);
    }
}