I got it checked at a couple of garages. Wheel bearings are fine. No issues with anti role bar links or subframe bushes.
At a couple of other forums, I had read that loose hand break cable might cause this. So, out of curiosity sake I put paper packaging along the handbrake cable near passenger side rear wheel, and the noise was gone. Obviously the paper packaging didn't last long, so the noise is back again. I will have to find something permanent to fix this.
Kaushal
April 2009