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Download Python and extract it
wget http://www.python.org/ftp/python/2.7.8/Python-2.7.8.tar.xz
xz -d Python-2.7.8.tar.xz
tar -xvf Python-2.7.8.tar

Installation process
Since we already installed all the dependencies we are ready to go:

# Enter the directory:
cd Python-2.7.8

# Run the configure:
./configure --prefix=/usr/local

# compile and install it:
make
make altinstall

# Checking Python version:
[root@tikejhya ~]# python2.7 -V
Python 2.7.8
If you need set PATH variable check the line below:

export PATH=”/usr/local/bin:$PATH”
Installing pip and virtualenv
Now we have Python installed, but something is missing isn’t? Yes! We need pip and virtualenv.

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Install setuptools
wget --no-check-certificate https://pypi.python.org/packages/source/s/setuptools/setuptools-1.4.2.tar.gz

# Extract the files:
tar -xvf setuptools-1.4.2.tar.gz
cd setuptools-1.4.2

# Install setuptools using the Python 2.7.8:
python2.7 setup.py install
Install pip
curl https://bootstrap.pypa.io/get-pip.py | python2.7 -
And finally virtualenv
pip2.7 install virtualenv

virtualenv projectname
source projectname/bin/activate

python --version

#exit virtualenv
deactivate

#python binary location
/home/tikejhya/projectname/bin/python