Thanks to the virtualization technology, which allow sharing of virtual resources (hardware/software) among the cloud users. With the help of the virtualization technology, cloud computing provides on-demand computing services such as software, infrastructure, and platform as a service to users via the Internet. Virtual machine placement is a hot research topic, which is a process of mapping of virtual machines (VMs) on host machines (HMs) in the cloud. In our work, we propose a new multi-objective on-demand VM placement algorithm in infrastructure cloud referred as OVMP, in which VMs placed in real time with help of a resource-balanced model. The proposed algorithm maximize resource utilization in a balanced manner and also minimize the power consumption and resource wastage of infrastructure cloud. We test the proposed algorithm through simulation using Amazon EC2 Instances and simulation results show that the proposed algorithm performs better than the existing ones in terms of various performance metrics.