I have tried lot of things to come up with a solution for this. As you can see in the picture, there are only 2 check boxes which are already checked and disabled. This is not the right .exe file to run(I was unable to create a server instance using this). I downloaded the right SQL server installation file from here.
There are several .exe files that gives different functionality enhancements. I chose SQL server with tools which is about 1GB. I did not have to uninstall the existing sql server installation. I installed this and it worked fine. I will post back if I found a way to create a SQL server form the given installation. If you have the same problem as described above, most probably you are using the wrong .exe file.
Good luck with your fix.