Guys, here is the solution that worked for me.
Step1 : Set Xcode Path : In Terminal, set the Xcode path using the xcode-select command: sudo xcode-select --switch /Applications/Xcode.app
Step2 : Open Xcode again to make sure you have agreed to all license agreements.
Step3 : You can verify if Xcode is properly set up by running: xcode-select --print-path
In my case it was installed in Library, then using the above steps I changed it to Applications. Now its working.