@stan solution helped me to solve the issue.
I am using Visual Studio on Mac M1 chip.
In my case, I fixed the following things inside views/web.config file
<configSections>
<sectionGroup name="system.web.webPages.razor" type="System.Web.WebPages.Razor.Configuration.RazorWebSectionGroup, System.Web.WebPages.Razor, Version=3.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35">
<section name="host" type="System.Web.WebPages.Razor.Configuration.HostSection, System.Web.WebPages.Razor, Version=3.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" requirePermission="false" />
<section name="pages" type="System.Web.WebPages.Razor.Configuration.RazorPagesSection, System.Web.WebPages.Razor, Version=3.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" requirePermission="false" />
</sectionGroup>
<system.web.webPages.razor>
<host factoryType="System.Web.Mvc.MvcWebRazorHostFactory, System.Web.Mvc, Version=5.2.4.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" />
<pages validateRequest="false" pageParserFilterType="System.Web.Mvc.ViewTypeParserFilter, System.Web.Mvc, Version=5.2.4.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" pageBaseType="System.Web.Mvc.ViewPage, System.Web.Mvc, Version=5.2.4.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" userControlBaseType="System.Web.Mvc.ViewUserControl, System.Web.Mvc, Version=5.2.4.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35">
<controls>
<add assembly="System.Web.Mvc, Version=5.2.4.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" namespace="System.Web.Mvc" tagPrefix="mvc" />
</controls>
</pages>
Update the versions as per References > Packages, check the version there, and update it.
Rebuild Project/Solution