Hey guys found a solution for this too... You won't believe how goofed up the issue was, I am using Godaddy hosting only whereas my domain provider is someone else. Hence I had updated my domain with the hosting IP to work properly. Now that the Godaddy DNS management automatically gets the MX records etc. it had wrong MX records and as soon as I fixed that, the contact form emails are landing right where they belong.... 
Thanks to all of you, who tried to help...

Regards,
Sam