Hi @Vikram_Subbaiah,
I am really sorry for the late reply, I already know that your solution will work since you have suggested placing all the components in the Project Environment, but I am just waiting to try your solution myself before hitting the solution button (I know I will). What I like most about your solutions is that you prefer sticking to the OOTB nodes… many many thanks for your effort and time 
For the members who is facing the same problem & have stumbled on this post, if you prefer using the Packages try using “Orchid Package: (Parameter.Associate) Node”, or a Python Script done by @awilliams
the bad news is that the Python script above was done in 2018, so I am not sure If it works with the recent Revit API, so I guess someone will have to modify it.
I haven’t had the time to try any of these solutions above, when I have time I will definitely try them all and give my feedback/update on this post.
Best of luck for all of us.