This same question was posted in the site and the suggested answer was to use.
<configuration>
    <system.webServer>
        <validation validateIntegratedModeConfiguration="false" />
    </system.webServer>
</configuration>
but adding the above mentioned line does not solve the issue.
Most likely cause
- This application defines configuration in the system.web/httpHandlers section.
And
Module     ConfigurationValidationModule
Notification       BeginRequest
Handler    ExtensionlessUrlHandler-Integrated-4.0
Error Code     0x80070032
moreover my project does not seem to load locally as well, where as the question i mentioned earlier worked fine locally.
How do i Solve this error?
Thank you in advance. :)
 
    