rikesh
yes as others have said you should be able to do you ppl during your first year of university and do some hours building during your whole course.
saying that however there are a few other points you need to remember. if you do intend to do some hours building during your university, you will have a maximum of 105 hours (after you finish your ppl) to do. now if you dont mind going over 150 hours before you start your CPL then there is no problem, but if your budget does not allow, you are very likley to finish your hours building before your degree, THEN go into the ATPLs. it will take you 2 years to compleate your hours building if you only do 1 hour a week so you will have about a year of no flying plus the time you to your ATPLs.
you will have a long time from when you last flew to when you start your cpl so would be very rusty. also if you can only fly 1 hour a week or so your flying would be limited to your local area. i have been told airlines like to see cross countrys in your log book.
the best advise i could give you is do it the way i did as it worked great for me. finish university, do a ppl then go into your ATPL theory. while there you can do a couple of hours a weekend. you will finish your ATPLs with about 50-60 more hours to do so you can do nice long flights to pleanty of great airfields around the country. as soon as you finish your hours building start you CPL and the rest.
by doing it this way and doing alot of hours together closer to when you passed your ppl your less likely to pick up bad habbits and remember the way you were shown by the instructor. also it will help you with your cpl as you would be very current so no rusty bits.