CRM Developer Toolkit with Visual Studio 2013: ERROR when creating a new project

Hi,

I am following the steps mentioned in the below links to setup CRM Developer toolkit for Visual Studio 2013.

https://crmbusiness.wordpress.com/2015/06/05/getting-the-crm-developer-toolkit-working-with-visual-studio-2013/

https://chitrarasan.wordpress.com/2014/08/15/failed-to-get-location-of-visual-studio-from-registry/

I am able to do the below steps:

1. Create New Project 

2. Connect to Dynamics CRM Server and to the correct Organisation and Solution.(Actually can even browse CRM entities in CRM Explorer)

After that I get the below error which I am not able to fix

"System.Exception: general exception (expection from HRESULT: 0x80131500) at EnvDTE100.Solution4.AddFromTemplate(String FileName, String Destination, String ProjectName, Boolean Exclusive) at Microsoft.CRMDeveloperTools.TemplateExtensions.CRMTemplateExtension.RunFinished()"

Will be helpful if anyone can help me with this issue please?

Thanks,

Arjun