Several methods and systems for encoding of multimedia pictures are disclosed. In an embodiment, an occupancy level of a coded picture buffer (CPB) associated with a hypothetical reference decoder (HRD) is estimated at an instant of removal of an access unit corresponding to a multimedia picture from the CPB for decoding the access unit. A number of bits for encoding the multimedia picture is allocated based on the estimated occupancy level of the CPB. The multimedia picture is encoded based on the allocated number of bits.