I found the solution.
On IIS, I had to add https in bindings associating it to use IIS Development Certificate for SSL in my development environment.
Also, in the process I found that both of the following wiil work for me.
127.0.0.1 somedomain.com, alternate-domain.com, subdomain.domain.com
or
127.0.0.1 somedomain.com alternate-domain.com subdomain.domain.com
Spaces and commas both work, and I can add multiple domains, subdomains combinations on same line.
Also, if you are moving from a non-secure domain to secure domain/subdomain, SSL certificate needs to be setup on web server for it, else it would end up showing an error in the browser.
Cheers!