Aparently, this normally happens when you disable IPv6 in Local Area Connection.
This is due to the behavior of IPv6 in Windows Server 2008, when you disable IPv6 in Local Area Connection on Windows 2008 server.

The following error was generated when: “$error.Clear(); if ($RoleStartTransportService) { start-SetupService -ServiceName MSExchangeTransport }”, generated the following error: “Service ‘MSExchangeTransport’ failed to reach status ‘Running’ on this server.”

After doing lot of troubleshooting and searching on the net, found that this is happening due to IPV6, and installation needs IPv6 to be disabled in your local area connection on the system. After disabling my setup went smoothly, follow the below instructions to disable IPv6 from your system.
To completely disable IPv6 on a Windows Server 2008-based system, follow these steps:
1. Open Registry Editor.
2. Locate the following registry subkey:HKEY_LOCAL_MACHINESYSTEMCurrentControlSetServicesTcpip6Parameters
3. In the details pane, click New, and then click DWORD (32-bit) Value.
4. Type DisabledComponents, and then press ENTER.
5. Double-click DisabledComponents, and then type 0xffffffff in Hexadecimal or 4294967295 in Decimal.