Problem Solved!
here how i got it
Looks like the process was hanging at the point of formatting the partitions. 
so i formatted root and swap partitions before i  began the installation 
procedure using  gparted. Then at the time of installation, i did not choose 
format the partitions.

Also, i  have assigned the installer to automatically mount my NTFS
partition . now i did'nt choose to mount them. it woked without a hitch.

now we do have a bug here something relating to partions or formatting,
i am not quite sure

@ Richard Birnie
i ran ubiquity in debug mode before following the above mentioned procdure and 
here is the log(see the attachment)

** Attachment added: "debug.txt"
   http://librarian.launchpad.net/7610434/debug.txt

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install session in ubuntu 7.04 hangs at 15%
https://bugs.launchpad.net/bugs/113237
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