Thanks appU. I took the car to the TASS, located in Thane and the issue was diagnosed as a loose oil supply pipe to the TC(located near the front bumper at the bottom side). The issues as of now is still unresolved due to the shoddy workmanship at TASS though it looks like a minor issue to me
Along with this diagnosis, I was shocked to note that there was power steering fluid leak from the rack and pinion assembly seals. It was explained by the advisor that this part cannot be repaired and the entire unit had to be replaced.
Will keep updated till the noise issue is resolved.