Hi All,
I was able to crack it.
Changed the Console index option in the boards.cfg file as follows:
Active arm armv7 am33xx ti am335x am335x_evm_uart2 am335x_evm:SERIAL3,CONS_INDEX=3,NAND
i.e., Changed CONS_INDEX=1 to CONS_INDEX=3
and Voilà I was able to see the U-boot console on UART2