"Install 'Android Support Library' available in SDK installer" error doesn't leave us....???

It appears my issue is different from what I found earlier threads in these forums. My issue is in Android project of Xamarin Froms app run from Xamarin Studio on Windows machine. I started getting it after recent upgrades to XS & XF. I get the following 3 errors (line breaks inserted by me for clarity):

C:\Program Files (x86)\MSBuild\Xamarin\Android\Xamarin.Android.Common.targets(2,2):
Error XA5207: Please install package: 'Android Support Library' available in SDK installer.
Java library file C:\Users\\AppData\Local\Xamarin\Android.Support.v4\21.0.3\embedded\classes.jar doesn't exist. (XA5207) (XPA_SendEmail_XFP.Droid)

C:\Program Files (x86)\MSBuild\Xamarin\Android\Xamarin.Android.Common.targets(2,2):
Error XA5207: Please install package: 'Android Support Library' available in SDK installer.
Java library file C:\Users\\AppData\Local\Xamarin\Android.Support.v4\21.0.3\embedded\libs/internal_impl-21.0.3.jar doesn't exist. (XA5207) (XPA_SendEmail_XFP.Droid)

C:\Program Files (x86)\MSBuild\Xamarin\Android\Xamarin.Android.Common.targets(2,2):
Error XA5206: Please install package: 'Android Support Library' available in SDK installer.
Android resource directory C:\Users\\AppData\Local\Xamarin\Android.Support.v4\21.0.3\embedded./ doesn't exist. (XA5206) (XPA_SendEmail_XFP.Droid)

1. Yes, I have Android Support Library V21.0.3 installed as indicated in the SDK Mnager.
2. I have this file: C:\Users\\AppData\Local\Android\android-sdk\extras\android\support\v4\android-support-v4.jar
3. In the directory "C:\Program Files (x86)\MSBuild\Xamarin\Android\", I have two files named, Xamarin.Android.Common.After.targets and Xamarin.Android.Common.Before.targets but nothing like Xamarin.Android.Common.targets(2,2).
4. The subdirectory 'embedded' doesn't exist in "C:\Users\\AppData\Local\Xamarin\Android.Support.v4\21.0.3\" directory. As such no subdirectories were created in this. For another error I had downloaded "android_m2repository_r10.zip" and placed it in 'content' subdirectory in this.
5. Since the same solution works well on Mac, this issue is only related to Xamarin install on Windows machine.
6. I did try reinstalling Xamarin after uninstalling everything that is of Xamarin and Android.

My installation details:

1. Xamarin.Studio V5.7 (build 661)
2. Xamarin.Android V4.20.0 (Indie edition)
3. Windows 8.1 Professional (64 bit)

Any help will be much appreciated.