local path doesn't exist android studio error

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I have imported my project from Eclipse to Android studio . but, when i am running it, it throws an Unexpected error "local path doesn't exists" and prompt me to Sync Project with gradle files for the project.
4:20:36 PM Gradle build finished with 2 error(s) in 2 sec
4:20:39 PM Unexpected Error
           Local path doesn't exist.
Local path doesn't exist.
The project may need to be synced with Gradle files.
           Sync Project with Gradle files
 Now even if i build the gradle sucessfully the project will not run and throws same error "local path doesn't exists" i don't know what is happening here. I have googled it but didn't find a satisfying solution. Please help!!


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