Real time implementation of the software system requires being more versatile. In the maintenance phase, the modified system under regression testing must assure that the existing system remains defect free. Test case prioritization technique of regression testing includes code as well as model based methods of prioritizing the test cases. System model based test case prioritization can detect the severe faults early as compare to the code based test case prioritization. Model based prioritization techniques based on requirements in a cost effective manner has not been taken for study so far. Model based testing used to test the functionality of the software system based on requirement. An effective model based approach is defined for prioritizing test cases and to generate the effective test sequence. The test cases are rescheduled based on requirement analysis and user view analysis. With the use of weighted approach the overall cost is estimated to test the functionality of the model elements. Here, the genetic approach has been applied to generate efficient test path. The regression cost in terms of effort has been reduced under model based prioritization approach.