Can anyone tell please either I will sell my xperia z and buy moto x
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Sony usually follows a 6 month schedule for flagship device releases, a Z3 is just around the corner.
The Xperia Z isn't highly likely to get Android L but there are some decent chances that it will.
But even if it doesn't get Android L, the Xperia Z is a very amazing device, even today.
If I we're in your position, owning an Xperia Z and not getting Android L, I would root it and install Cyanogenmod.
Best of luck and let's keep our fingers crossed.