Duplicate IP address alarm was discovered in the log and both the routers were exhibiting state to be Master.
%Jun 4 11:32:42 2007 SND_NE40e_V ARP/5/ARP_DUPLICATE_IPADDR:Slot=4;Receive an ARP packet with duplicate IP address 172.23.3.193 from GigabitEthernet4/0/6.2501, source MAC is 0000-5e00-0106
11:46:12 2007 NZA_NE40e_V ARP/5/ARP_DUPLICATE_IPADDR:Slot=4;Receive an ARP packet with duplicate IP address 172.23.3.193 from GigabitEthernet4/0/1.2501, source MAC is 0000-5e00-010b
Pay Attention while configuring the Virtual router id and make sure it's the same in both the peers.
On further analysis it was discovered that both the routers are configured with different VRID. Both of them have different VRID therefore both of them assume themselves as master since they fail to communicate with their Virtual router peer.
Since master router advertises the virtual IP therefore both of them were advertising the same IP address in the network and hence duplicate IP address error was caused.