I am training randomforest on my training data which has 114954 rows and 135 columns (predictors). And I am getting the following error.
model <- randomForest
One alternative you could try if you can't use a machine with more memory is: train separate models on subsets of the data (say 10 separate subsets) and then combine the output of each model in a sensible way (the easiest way to do this is averaging the predictions of the 10 models but there are other ways to ensemble models http://en.wikipedia.org/wiki/Ensemble_learning).
Technically you would be using all your data without hitting the memory restriction, but depending on the size of the resulting subsets of the data the resulting models might be too weak to be of any use.