After going through a bit of exploration I have found the solution.
@Eisenhauer Backbone’s routing facilities are awesome, but what if I am not using Backbone.
As I outlined in my question, I am already using KnockoutJS that provides me a client side MVVM model and so its not really a good idea to put an additional MVC implementation in the same page.
For people looking for a standalone routing solution, pathjs is a simple and elegant solution.
A more flexible, powerful and standalone routing solution is Crossroads.js available at http://millermedeiros.github.com/crossroads.js/.
It is very nicely documented and really powerful,so can be adapted to any set of requirements.