So, after doing a lot of research online, only one plane actually appealed enough to me to make wanna buy it. It's the Blitz RC Works Sky hunter
(link: http://www.bananahobby.com/4-ch-blitzrcworks-red-sky-hunter-rc-sport-airplane-arf.html)
Listed below are the features of the plane.

• 4 Channel Full Function Radio Controlled (Aileron,Elevator,Rudder,Throttle)
• High quality, excellent stability, high performance, and aerobatic capability
• Super easy to assemble/disassemble(no glue required), change battery, and maintenances
• Four different flying configurations(Propeller, EDF, Conventional Tail, V-tail)
• Super easy to switch from one configuration to the others
• FPV Ready with camera mount and window
• Included two types of power system(Propeller or EDF) for two different flying experience which suitable for both beginner and experienced pilots!
• Included two types of tail stabalizer(Conventional or V-tail) for two different flying experience which suitable for both beginner and experienced pilots!
• Electronics and accessories for all 4 configurations(Propeller, EDF, Conventional Tail, V-tail) are included
• Detachable wing for easy transport
• Constructed of durabile EPO flex foam for Excellent Impact Resistance!
• Complete Kit, Ready to Fly, Easy to Assemble

Now this plane has been out of stock from banana hobby for the past 6 months. The problem is that no there website sells this plane. What I really like about this plane is that as an upfront investment(a comparatively large one), it will last me a long time. It has pusher props and normal t shape tail for beginner practice and also a change to use it as an edf jet later. I don't really care about the tail conversion part since the RTF model of this plane sold does not support rudder mixing.
So I was looking for a good plane made of EPO foam which flew in both EDF and pusher prop configuration. Could someone please refer some good planes which will serve the purpose, or give any alternative solutions for a complete newbie.

Confusedlama .... don't get confuse
I think you can get better or same characteristics models here, like Skysurfer, Easystar.
Some great flyers are there near you like, Sanjay sir and Girish. Get their help and guidance , go with them at field and you will learn much faster and safer.

But Mr. Manoj I was comparing prices and you mentioned the sky surfer. So on banana hobby an RTF Sky Hunter with Turboprop and EDF is $200 while sky surfer(only turboprop) RTF is $300. So from customary glances I found the prospect unappealing. Could please elaborate a bit on the future prospects of the Sky Surfer? Is the plane upgradable?

Read a few reviews of banana hobbies first then you might come to know about the price half of their stuff comes broken and half never shows up this is what is happening in USA best of luck if you decide to buy from them

IMO go with the flyzone switch very well built excellent strength . Its 2 in 1 as well , its a high wing trainer as well as a low winger sport

Yes, but the flyzone switch is a tail dragger. So it's landing might be unforgiving even if I used the high wing trainer. I am more interested in a non landing gear, epo foam built plane, rather than a plane with a solid built and landing gear.

I have a brand new in box with electronics Skysurfer lying at my home.will give it at cost . let me know if you are interested , but shipping would be problem for me .

http://www.hobbyking.com/hobbyking/store/__28555__dolphin_jet_edf_epo_1010mm_arf.html http://www.rcbazaar.com/products/2429-sky-surfer-2-with-landing-gears-kit.aspx http://www.rcbazaar.com/products/2357-fms-easy-trainer-800mm-pnp.aspx http://www.rcbazaar.com/products/1869-super-skysurfer-2500mm-pnp.aspx http://www.rcbazaar.com/products/1063-sky-surfer-v3-with-motor-esc-servos.aspx http://www.rcbazaar.com/products/1138-sky-surfer-v3-pnp-plus-lipo-charger.aspx http://www.rcbazaar.com/products/1301-sky-surfer-v3-ready-to-fly-with-transmitter-lipo-charger.aspx