I upgraded my windows and reinstalled Android studio 0.3.2. I am using windows8.1 Pro now and installed java x64, I also did set up JAVA_HOME
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I am getting this because of ndk path .
Check the ndk path in local.properties file & also check the sdk path . Delete the build file , sometimes it makes the error in case you are migrating the project from Linux to windows or vice versa .
Then click invalidate cache and restart .
Mine this solved this issue . Hope this will help you .