I am getting itchy water filled blisters on my feet, what is it ?

Acute athlete's foot: The first thing that comes to mind is that this is one of the presentations of acute athlete's foot. Use drying soaks (epsom salts or dilute vinegar) and a topical antifungal... I prefer patients use lotrimin ultra or Lamisil (terbinafine) cream. You can use certain-dry pads or solutions to decrease perspiration. If this doesn't work, see a podiatrist and be sure to inform them of what you have tried already.

Possibly a vesicular: Version of tinea pedis/athletes foot. Get examined by a podiatrist or dermatologist to diagnose the problem accurately.