I am trying to develop a standalone application using pyqgis but I have no clue on where to start and where to write the code to make it happen so if anyone can provide me a tutorial to getting started, it'll be a huge benefit for me. Thanks.
The best resource for this is the official documentation in the pyqgis cookbook
Also a very useful resource is the API documentation although aimed at C++ code and therefore not always applicable just like that it is very good for finding hints.
You can also search for existing python plugins and have a look at how they solved similar problems.
This guide is still generally applicable, even though it is written for the 1.x API: http://geospatialdesktop.com/2009/02/creating_a_standalone_gis_application_1/
The upcoming PyQGIS Programmers Guide has an entire chapter on creating a standalone application with QGIS 2.x: http://locatepress.com/ppg