I increase the time using config.vm.boot_timeout. But for me it was not the reason although the error tells about a timeout.
I opened the Vagrantfile using vim and add the following lines which turns on GUI for the VM.
config.vm.provider :virtualbox do |vb|
vb.gui = true
end
After re-running the vagrant up i saw the real reason in the GUI. There was an error dialog and it keeps waiting. That was the reason for the connection timeout.
To fix this i had to do some configurations in the system BIOS. I had to turn on the intel VT-x setting. And please check for AMD-V setting as well. These settings help hardware virtualization.