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We are currently building an apex based functionality in Developer Sandbox. This will fetch data from the Salesforce database and show it on a visualforce page. Is Cache timeout same as the session timeout for apex based functionality?

No, cache is the new feature introduced couple releases ago as server side cache, which is for building apps that need better performance. Session is user session, which is related to user security.

Is it possible to know the cache time out period?
Please check this : https://developer.salesforce.com/docs/atlas.en-us.apexcode.meta/apexcode/apex_platform_cache_limits.htm