therubyracer gem is not installing and libv8 on MAC OS Monterey - ruby-on-rails

Question

I 'm using new MACBook PRO (chip: Apple M2) and trying to set up rails application but therubyracer gem is not installing. I tried below steps but didn't work
brew install v8#3.15
gem install libv8 -v '3.16.14.19' -- --with-system-v8
gem install therubyracer -- --with-v8-dir=/opt/homebrew/opt/v8#3.15
when i tried with 'brew install v8#3.15' it gives below error
Warning: v8#3.15 has been deprecated because it depends on Python 2 to build!
Error: v8#3.15: no bottle available!
If you're feeling brave, you can try to install from source with:
brew install --build-from-source v8#3.15
It is expected behaviour that most formulae will fail to build from source.
It is expected behaviour that Homebrew will be buggy and slow when building from source.
Do not create any issues about failures building from source on Homebrew's GitHub repositories.
Do not create any issues building from source even if you think this message is unrelated.
Any opened issues will be immediately closed without response.
Do not ask for help building from source from MacHomebrew on Twitter.
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If building from source fails, try to figure out the problem yourself and submit a fix as a pull request.
We will review it but may or may not accept it.
eve after installing v8 as suggested with command 'brew install --build-from-source v8#3.15', therubyracer gem is still not installing,
thrrubyracer error log:
Building native extensions with: '--with-v8-dir=/opt/homebrew/opt/v8#3.15'
This could take a while...
ERROR: Error installing therubyracer:
ERROR: Failed to build gem native extension.
current directory: /Users/rashmib/.rvm/gems/ruby-2.7.0/gems/therubyracer-0.12.3/ext/v8
/Users/rashmib/.rvm/rubies/ruby-2.7.0/bin/ruby -I /Users/rashmib/.rvm/rubies/ruby-2.7.0/lib/ruby/2.7.0 -r ./siteconf20221117-7943-1tz6m31.rb extconf.rb --with-v8-dir\=/opt/homebrew/opt/v8#3.15
checking for -lpthread... yes
checking for -lobjc... yes
checking for v8.h... no
*** extconf.rb failed ***
Could not create Makefile due to some reason, probably lack of necessary
libraries and/or headers. Check the mkmf.log file for more details. You may
need configuration options.
Provided configuration options:
...
/Users/rashmib/.rvm/gems/ruby-2.7.0/gems/libv8-3.16.14.19/ext/libv8/location.rb:50:in `configure': By using --with-system-v8, you have chosen to use the version (Libv8::Location::System::NotFoundError)
of V8 found on your system and *not* the one that is bundled with
the libv8 rubygem.
However, your system version of v8 could not be located.
Please make sure your system version of v8 that is compatible
with 3.16.14.19 installed. You may need to use the
--with-v8-dir option if it is installed in a non-standard location
from /Users/rashmib/.rvm/gems/ruby-2.7.0/gems/libv8-3.16.14.19/lib/libv8.rb:7:in `configure_makefile'
from extconf.rb:32:in `<main>'
To see why this extension failed to compile, please check the mkmf.log which can be found here:
/Users/rashmib/.rvm/gems/ruby-2.7.0/extensions/-darwin-21/2.7.0/therubyracer-0.12.3/mkmf.log
extconf failed, exit code 1
Any idea how can i resolve this?