I have searched thoroughly and couldn't find any answer
I am using Version 93.0.4577.63 (Official Build) (64-bit)
I have got 64 GB ram and currently more than 30GB is free as seen below
And yet I am getting the error below which is very annoying
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As has been suggested by others, you should remove all extraneous plugins etc., whether you believe them to be guiltless or not.
You may not be running into an "actual" limitation of memory at all. Rather, you could be running out of "objects X" as described below, or you could be running out of string space, both of which can be reported by the browser as "out of memory" conditions even when you are actually using much less memory than 16G.
Try opening your page in Firefox which has higher limits on X and can allocate up to 32G per tab (32G was proven via testing; I do not know if it can handle more). If the page opens in Firefox, you can examine the FF memory footprint, and if it is using less than 16G, then your problem in Chrome is obviously "X".
If your problem is "X", then you must reduce array/object usage (or string usage) in your app. There are some ideas on how to do this below.