So, here's how I fixed the boot release issue. I'm sure not everyone would approve me of doing this cheap DIY fix, but I just wanted to give it a shot and it worked !!
I first removed the rear strip with the camera and boot release switch. My idea was to find out how the boot release switch looks exactly and to see if I can get the same model online. So this is how it looked.
After looking at the module, I thought "Why don't I just try replacing the switch with another one and see if that works". So, I started searching for a compatible switch that I might find at my house and finally I got an idea, which I wasn't quite sure about but I just went ahead and gave it a try and it Worked!!.. So here's how the boot release switch looks like now and it works like a charm. From the looks, Can anyone guess where I procured the switch from???