WSS 3.0: Getting "No SharePoint Site exists at the specified URL" - Visual Studio 2005 Extensions for SharePoint

Getting the following error when I deploy my webpart by using Visual Studio 2005 extensions for SharePoint

Error Message : "No SharePoint Site exists at the specified URL"

In default, VS 2005 extensions using the default port 80 to deploy the webpart. If you created your webapplication/sharepoint top level website other than the default port, you will get the error message. To resolve this, In Visual Studio 2005, goto "Project -> <Project>properties -> Debug option, change the start browser with URL to point your sharepoint website.