@shaheena_sheikh,
If you are using the Generics list for dialogues, then you can place it right under /apps. Just make sure you are using the expected resourceType (acs-commons/components/utilities/genericlist) when creating the generics list resource. I have just tested this out by placing my generics list under /apps/my-site/lists, and it is working fine.
<textColor
jcr:primaryType="nt:unstructured"
sling:resourceType="granite/ui/components/foundation/form/select"
fieldLabel="Text Color"
name="./textColor">
<datasource
jcr:primaryType="nt:unstructured"
sling:resourceType="acs-commons/components/utilities/genericlist/datasource"
path="/apps/my-site/lists/customcolors"/>
</textColor>