HostingEnvironmentException while running application from IIS

I was trying to run a simple ASP.Net application on my machine. Surprisingly it failed and below exception occured.

Exception Details: System.Web.Hosting.HostingEnvironmentException: Failed to access IIS metabase.
The process account used to run ASP.NET must have read access to the IIS metabase (e.g. IIS://servername/W3SVC).
For information on modifying metabase permissions, please see
Source Error:
An unhandled exception was generated during the execution of the current web request.
Information regarding the origin and location of the exception can be identified using the exception stack trace below.
Stack Trace:
[HostingEnvironmentException: Failed to access IIS metabase.]

The framework versions installed on my machine were 1.1, 2.0, 4.0. And my application was configured for 4.0 version.
To resolve this issue we just need to open visual studio command prompt and type the following command.

aspnet_regiis.exe /r

This will install the respective version of ASP.Net.

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