failed to build react native project

Question

I had been able to build and run the react-native project in my old intel based mac successfully. Recently I migrated my project to the apple silicon and now I'm having issues building and running react-native project on m1 mac. When I run the npx react-native run-android I get below error message in the console:

FAILURE: Build completed with 2 failures.

1: Task failed with an exception.
-----------
* Where:
Build file '/Users/sussol/Documents/Git/mobile/android/app/build.gradle' line: 120

* What went wrong:
A problem occurred evaluating project ':app'.
> ../package.json (No such file or directory)

* Try:
Run with --stacktrace option to get the stack trace. Run with --info or --debug option to get more log output. Run with --scan to get full insights.
==============================================================================

2: Task failed with an exception.
-----------
* What went wrong:
A problem occurred configuring project ':app'.
> compileSdkVersion is not specified. Please add it to build.gradle

* Try:
Run with --stacktrace option to get the stack trace. Run with --info or --debug option to get more log output. Run with --scan to get full insights.
==============================================================================

* Get more help at https://help.gradle.org

BUILD FAILED in 2m 4s

error Failed to install the app. Make sure you have the Android development environment set up: https://reactnative.dev/docs/environment-setup.
Error: Command failed: ./gradlew app:installDebug -PreactNativeDevServerPort=8081

FAILURE: Build completed with 2 failures.

1: Task failed with an exception.
-----------
* Where:
Build file '/Users/sussol/Documents/Git/mobile/android/app/build.gradle' line: 120

* What went wrong:
A problem occurred evaluating project ':app'.
> ../package.json (No such file or directory)

* Try:
Run with --stacktrace option to get the stack trace. Run with --info or --debug option to get more log output. Run with --scan to get full insights.
==============================================================================

2: Task failed with an exception.
-----------
* What went wrong:
A problem occurred configuring project ':app'.
> compileSdkVersion is not specified. Please add it to build.gradle

* Try:
Run with --stacktrace option to get the stack trace. Run with --info or --debug option to get more log output. Run with --scan to get full insights.
==============================================================================

* Get more help at https://help.gradle.org

I tried various things to get it working like cleaning gradle, using different build tools versions etc. But none of them worked. Does anybody has any idea what's going on here? Any help would really be appreciated. Thanks.