Rider asks to install .NET Framework 4.7.2 Developer Pack even though it is installed
I found the solution over here.
There are two approaches. The first approach should be taken if you have installed the Visual Studio and the second if you did not do that.
I have a new laptop which had no Visual Studio in it. So, I decided to try out the second approach and just follow the directions provided in the article. It did not work out even though I did exactly as said in the manual, so there is no need to try out the first approach.
But the mere Visual Studio installation tackled the problem.