I waited for approx 4-5 min. Still, it hung at that htc logo screen.
I exactly followed the steps. After I had flashed the recovery image, I immediately proceeded to power down the phone. Then, I pressed downvolume+home, and entered into HBOOT mode. I pressed home for recovery. Still, no luck. I followed these steps exactly, downloaded the exact files, placed exactly on sdcard. Still hangs out that logo screen and does not proceed to the recovery screen.