Well it seems there aren't anyone with relevant experience on this site. I am bit disappointed with how this site work.. If I ask simple question then people will jump for negative votes and if I ask something serious then I would not even receive single comment.
Anyways, I am still not sure what is wrong with "Hydra-7.4.2", note that I have installed complete cygwin package and still getting "make" error while compiling hydra.
For sake of testing I installed and compiled "Hydra-6.1"... and luckily it worked! Hence if anyone is getting same error then try moving to previous version, or if u crack this out then please share the details.