I wanted to know if the autofill functionality is available in the python console for QGIS as the one available in ArcGIS Desktop's Python Console or am I supposed to hardcode it.
The QGIS Python console has now been upgraded in the latest dev version to include code completion, among a lot of other tweaks and features.
There is no code completion in QGIS python console as far as I know. But I'm sure it can be added if a sponsor can be found.
Until then, the API docs are the reference: http://qgis.org/api/