So while the domain transfer takes 7 days to move to the Godaddy we still had options to go ahead and setup wordpress.
Luckily, WordPress is very easy to install and with Godaddy App Installation options in the cpanel it made it really easy to install wordpress and setup the website. (Will share the steps and video on this if possible)
However while we were working on the Live WordPress site we also learnt a need for a test site or a staging site and when we tried to install another wordpress site we learnt that the GoDaddy Linux Starter Package Asia the cheapest one comes only with 1 database. Hence you cannot have a second installation of WordPress or rather any other CMS on a different URL or on a sub-domain.
Since currently it isnt an priority and also not much required test site we skipped this idea of having a second website installed and moved on to setting up a Theme.
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