Heck, if you're going to do that, you might as well get it all:

#!/usr/bin/perl -w
use strict;

$_ = '%MYBOARD{project1|nameofproject1 remarks="Good,Verygood,bext,exc
+ellent" grade="7" teacher="Priyanka"}%';

my %map;
$map{$1} = $2 while s/^.*? (\S+)="([^"]+)"//g;
print "$_: $map{$_}\n" for keys %map;
[download]

Output:

grade: 7
teacher: Priyanka
remarks: Good,Verygood,bext,excellent
[download]

The above can also be spelled

print map {"$1: $2\n" if /(\S+)="([^"]+)"/} split;
[download]

but I suspect that this would be a bit much for the OP... :)

-- 
Education is not the filling of a pail, but the lighting of a fire.
 -- W. B. Yeats