Dear Santhosh,
Thanks for reply.
I have SAP_CPR_TEMPLATE_ADMINISTRATOR and SAP_CPR_PROJECT_ADMINISTRATOR roles assigned to my ID, and hence I have authorization object CPRO_DPT assigned.
It seems there is some issue with one of the development object.
Please let me know if anyone finds any clue reg this. Meantime I am also raising OSS; I will update when I get solution.