I chose Raspbian from berryboot and it downloaded fine (after 2 hours of wait time). It got to the point where raspi-config was up and running. Then it rebooted.
A lot of errors appeared on the screen! I waited till i showed the login prompt. I tried logging in but I kept getting errors and it would even ask for the password. That's the closest I got with Transcend.
Then I bought a Samsung EVO with model code : MB-MP08DA/JP.
Formatted it using SD Formatter 4.0 (mentioned in previous blog). Copied the contents of NOOBS and with fingers crossed, attempted to install Raspbian.
To my surprise, it worked! I'm keeping this config.
TO ALL MY FELLOW ADVENTURERS: THERE IS SUCH A THING THAT GOOD AND BAD COMPATIBILITIES OF SD CARDS FOR RASPBERRY PI 2 MODEL B!