I am new to game development, and I want to know where to start with it.
What is a good starting point for developing a game, what all is required, etc, etc.
Is there someone who can answer me this?
hi and welcome! Try the video tutorials first
https://wiki.unrealengine/Videos/Player?series=PLZlv_N0_O1gasd4IcOe9Cx9wHoBB7rxFl&video=w4XlBKeE46E
First of all learn the basics of the UE4 editor (the videos that Axxi posted) after that directly start with a game. You will have problems during the development process, but you can always ask questions here in the forum -> we are always here to help you. 
Here are some useful links:
https://docs.unrealengine/latest/INT/
https://wiki.unrealengine/Main_Page
For a game you need:
-a 3d program
-a texture program (photoshop, gimp)
-create a game design document -> so that you have a rough outliner of your game
Hi PirateCody,
Welcome!
I’ll chuck in my two cents worth:
I think most of us show up at start line expecting the race to be a quick sprint, only to (slowly) discover that it is in fact an ultra marathon. Never fear though, you can still do it, it’s just going to take a lot longer than you may yet realize. If you’re a lazy person, that’s terrible news of course, but if you’re genuinely passionate about bringing your creative vision to life you’ll probably just shrug your shoulders and say “ok”, then settle in for the long (long long) haul.
If you can do that you’ll be right 
Once you’ve navigated that mind shift, you’ll find you stop looking for shortcuts and start looking for deeper understanding. When you do tutes don’t just bludgeon through them only to forget them a week later, stop and think about which bits you can cannibalize for your own stuff. And if there’s bits you don’t really understand, ask on the forums until you do.
And take notes. Lots of notes! Life has a way of putting this stuff on hold for a week or a month and without notes you tend to forget stuff you’ve only done once or twice. I tend to use notebooks and pencil to figure hard stuff out and design things, then screenshot stuff from UE4 into a word document once I’ve got something cool figured out. Doing it in word means I can add as many notes as I need next to the screenshots so that when I come back to it lots later I can just go “oh, I remember that now” and leap back into it.
There’s heaps of other things of course, but the stuff above is a good place to start.