Cloud computing is a trending topic in the field of science and technology since the internet dependent services have been growing rapidly. In this environment, there are a lot of immense infrastructures and resources to satisfy the internet users. When a large number of service requests reach at a particular time, load balancing becomes a necessity. Load balancing involves the effective migration of the resources from the loaded physical machine to the other physical machine. For the effective migration, a method named Modified Exponential Gravitational Search Algorithm based on Virtual Machine Migration strategy (MEGSA-VMM) has been proposed that uses the gravitational concepts for performing the frequency-based velocity computations. MEGSA algorithm is the integration of the gravitational search algorithm and exponential weighted moving average theory. Also, the qualityof-Service (QoS) constraints considered for VM migration are migration cost, migration time, resource usage and energy. Simulation of the proposed method and the comparison of the results obtained, with the traditional methods like Ant-Colony Optimization (ACO), Gravitational Search Algorithm (GSA) and Exponential Gravitational Search Algorithm (EGSA) is performed. The proposed method is found to achieve an optimum migration with a minimum energy at a rate of 0.26 and minimum migration cost at a rate of 0.015.