rathikrishna
Good for you! This is quite common in aircraft, and as Mankster says, submarines.
The props will rotate in opposite directions and (if water is anything like air) the second prop that the water comes to (the rear one) will need a much higher pitch than the front one.
The reason being that the first propellor gets a cylinder of water moving backwards, but also rotating and the second prop has to work in this "screw" of water
However don't worry about theory - try it and tell us of your trials, success and things you learned on the way
I am making a contra-prop for an indoor R/C aircraft (a semi-scale supermarine Seagull)
andrew
PS - liked your puffer