In cellular networks, rapid increase of data consumption has strained the network infrustructure. Proximity based device-to-device communication has been introduced as a way forward in next generation LTE networks. However, assigning limited resources efficiently to enable maximum reuse with spectral efficiency still remains an important challenge. As devices enter and leave a network frequently in an online manner, the solution framework must be able to work adaptively. The resource allocation algorithm should be fast and light because of the instantaneous nature of ever increasing content demand.