CLIAMS:We Claim: 1. A method for minimizing error in preamble detection and delay estimation at a base station receiver in a LTE network, the method comprising: storing/buffering input samples received at the base station receiver; removing the cyclic prefixes from the received OFDM symbols via cyclic prefix remover module to form time domain symbols; processing the received OFDM symbols in order to convert the same into carriers thereby extracting random access preamble leaving out guard carriers; generating ideal random access preambles for correlation operation, wherein the extracted signal and the generated ideal random access preamble are correlated to generate a time domain correlation sequence output, wherein the random access preambles are transmitted in the preamble section in the User Equipment from the frame received by the base station receiver; calculating power delay profile by taking the square magnitude of the time domain output to estimate PAPR, wherein the PAPR is the ratio of peak power in power delay profile to the scaled average power in power delay profile; and detecting preamble identity and estimate propagation delay by comparing the PAPR estimate with samples in power delay profile, wherein the estimated PAPR is used as threshold. 2. The method of claim 1, wherein if the compared sample is greater than the PAPR estimate then preamble identity detected is the preamble identity which is used to generate ideal preamble and the intersection point of PAPR estimate with power delay provides the estimate of the propagation delay. 3. The method of claim 1, wherein the random access preambles are generated from zadoff-chu sequences with zero correlation zone, generated from one or several root zadoff-chu sequences. 4. The method of claim 1, wherein correlation in the frequency domain is implemented by multiplying the input array of complex samples (DFT output), sample by sample, with the complex conjugate samples of the Zadoff-Chu (ZC) sequence in the frequency domain. 5. The method of claim 1, wherein the generated preambles and extracted carriers are correlated in frequency domain, the frequency domain output is converted into time domain by doing Inverse Fast Fourier Transfer in order to generate time samples. 6. The method of claim 1, wherein the step of processing the received OFDM symbols in a OFDM receiver, where OFDM receiver process the symbols for down conversion and Fast Fourier Transform (FFT) to convert into carriers. 7. An eNodeB or a relay node or a BTS, comprising: a processor including a memory; and a control unit communicatively coupled the processor, wherein the control circuit is configured for for minimizing error in preamble detection and delay estimation in a LTE network, wherein the configuration includes: storing/buffering input samples received at the base station receiver; removing the cyclic prefixes from the received OFDM symbols via cyclic prefix remover module to form time domain symbols; processing the received OFDM symbols in order to convert the same into carriers thereby extracting random access preamble leaving out guard carriers; generating ideal random access preambles for correlation operation, wherein the extracted signal and the generated ideal random access preamble are correlated to generate a frequency domain correlation sequence output, wherein the random access preambles are transmitted in the preamble section in the User Equipment from the frame received by the base station receiver; calculating power delay profile by taking the square magnitude of the time domain output to estimate PAPR, wherein the PAPR is the ratio of peak power in power delay profile to the scaled average power in power delay profile; and detecting preamble identity and estimate propagation delay by comparing the PAPR estimate with samples in power delay profile, wherein the estimated PAPR is used as threshold. 8. The eNodeB or a relay node or a BTS of claim 7, wherein the communications network is at least one of the following: a 3rd Generation mobile communications system, a 4th Generation mobile communications system, a 3rd Generation Partnership Project Long Term Evolution mobile communications system. ,TagSPECI:FORM 2 THE PATENTS ACT, 1970 (39 of 1970) & THE PATENTS RULES, 2003 COMPLETE SPECIFICATION (See section 10, rule 13) “A method for minimizing error in preamble detection and delay estimation at a base station receiver in a LTE network” Tejas Networks Limited Plot No. 25, JP Software Park, Electronics City, Phase-1, Hosur Road Bangalore - 560 100, Karnataka, India The following specification particularly describes the invention and the manner in which it is to be performed. Field of the Invention This invention relates to a method and system for preamble identity detection and propagation delay estimation in a base station receiver. While the invention is particularly directed to the art of telecommunications, and will be thus described with specific reference thereto, it will be appreciated that the invention may have usefulness in other fields and applications. Background of the Invention The 3rd Generation Partnership Project (3GPP) is a collaboration agreement that was founded in December 1998. The scope of 3GPP is to make a globally applicable third generation (3G) mobile phone system specifications for UMTS (3G systems based on the evolved GSM core network and the Universal Terrestrial Radio Access (UTRA) in FDD and TDD mode and GSM including evolved GSM radio access technologies (GPRS, EDGE). The 3GPP standardization organization is currently working on the Long Term Evolution (LTE). See, for example, 3GPP TR 25.912 and 25.913. Important requirements of such a long-term evolution include reduced latency, higher user data rates, improved system capacity and coverage, and reduced cost for the operator. In order to achieve this, an evolution of the radio interface as well as the radio network architecture will be considered. Considering a desire for even higher data rates and also taking into account future additional 3G spectrum allocations the long- term 3GPP evolution will include an evolution towards support for wider transmission bandwidth than 5 MHz. At the same time, support for transmission bandwidths of 5 MHz and less than 5 MHz.. The Random Access Channel (RACH) is a contention-based channel for uplink synchronization, i.e., from UE (User Equipment) to NodeB (base station). This channel can be used for several purposes. In wireless system, due to time varying and multipath nature of the channel, the error in estimation of preamble identity and propagation delay will leads to wastage of resources (such as frequency spectrum and time) and also will increase the system latency. Moreover, depending on the position of the UE in the cell the delay of the UE, compared to the system time, will vary which leads to error. Since the position of the UE is initially unknown, the uncertainty in delay is equal to the entire cell radius. Thus there is a need for improved methods and system for minimizing the errors in preamble detection and propagation delay estimation with reduced complexity and increased speed at the base station receiver. Summary of the Invention The following presents a simplified summary of one or more embodiments in order to provide a basic understanding of such embodiments. This summary is not an extensive overview of all contemplated embodiments, and is intended to neither identify key or critical elements of all embodiments nor delineate the scope of any or all embodiments. Its sole purpose is to present some concepts of one or more embodiments in a simplified form as a prelude to the more detailed description that is presented later. Accordingly, in one aspect of the present invention relates to a method for minimizing error in preamble detection and delay estimation at a base station receiver in a LTE network, the method comprising: storing/buffering input time domain samples received at the base station receiver, removing the cyclic prefixes from the received OFDM symbols via cyclic prefix remover module, processing the received OFDM symbols in order to convert remaining time domain symbols into carriers thereby extracting random access preamble leaving out guard carriers, generating ideal random access preambles for correlation operation, wherein the extracted signal and the generated ideal random access preamble are correlated to generate a frequency domain correlation sequence output, wherein the random access preambles are transmitted in the preamble section in the User Equipment from the frame received by the base station receiver, Frequency domain samples are converted into time domain samples by Inverse Foureir transform module ,furthur calculating power delay profile by taking the square magnitude of the time domain output to estimate PAPR, wherein the PAPR is the ratio of peak power in power delay profile to the scaled average power in power delay profile and detecting preamble identity and estimate propagation delay by comparing the PAPR estimate with samples in power delay profile, wherein the estimated PAPR is used as threshold. In another aspect of the present invention relates to an eNodeB or a relay node or a BTS, comprising: a processor including a memory and a control unit communicatively coupled the processor, wherein the control circuit is configured for for minimizing error in preamble detection and delay estimation in a LTE network, wherein the configuration includes: storing/buffering input samples received at the base station receiver, removing the cyclic prefixes from the received OFDM symbols via cyclic prefix remover, processing the received OFDM symbols in order to convert the remaining time domain samples into carriers thereby extracting random access preamble leaving out guard carriers, generating ideal random access preambles for correlation operation, wherein the extracted signal and the generated ideal random access preamble are correlated to generate a frequency domain correlation sequence output, wherein the random access preambles are transmitted in the preamble section in the User Equipment from the frame received by the base station receiver, Frequency domain samples are converted into time domain samples by Inverse Fourier transform module ,further calculating power delay profile by taking the square magnitude of the time domain output to estimate PAPR, wherein the PAPR is the ratio of peak power in power delay profile to the scaled average power in power delay profile and detecting preamble identity and estimate propagation delay by comparing the PAPR estimate with samples in power delay profile, wherein the estimated PAPR is used as threshold. Other aspects, advantages, and salient features of the invention will become apparent to those skilled in the art from the following detailed description, which, taken in conjunction with the annexed drawings, discloses exemplary embodiments of the invention. Brief description of the Invention So that the manner in which the above recited features of the present disclosure can be understood in detail, a more particular description, briefly summarized above, may be had by reference to embodiments, some of which are illustrated in the appended drawings. It is to be noted, however, that the appended drawings illustrate only certain typical embodiments of this disclosure and are therefore not to be considered limiting of its scope, for the description may admit to other equally effective embodiments. Figure 1 is a diagram depicting an overview of a system according to an embodiment. Figure 2 is a flow chart of a method for minimizing error in preamble detection and delay estimation at a base station receiver in a LTE network according to one embodiment of the present invention. Figure 3 is a diagram illustrating a processing subsystem to implement the preamble detection according to one embodiment of the invention. Persons skilled in the art will appreciate that elements in the figures are illustrated for simplicity and clarity and may have not been drawn to scale. For example, the dimensions of some of the elements in the figure may be exaggerated relative to other elements to help to improve understanding of various exemplary embodiments of the present disclosure. Throughout the drawings, it should be noted that like reference numbers are used to depict the same or similar elements, features, and structures. Detail description of the Invention Various example embodiments will now be described more fully with reference to the accompanying figures, it being noted that specific structural and functional details disclosed herein are merely representative for purposes of describing example embodiments. Example embodiments may be embodied in many alternate forms and should not be construed as limited to only the embodiments set forth herein. It will be understood that, although the terms first, second, etc. may be used herein to describe various elements, these elements should not be limited by these terms since such terms are only used to distinguish one element from another. For example, a first element could be termed a second element, and, similarly, a second element could be termed a first element, without departing from the scope of example embodiments. As used herein the description, the term “and” is used in both the conjunctive and disjunctive sense and includes any and all combinations of one or more of the associated listed items. It will be further understood that the terms “comprises”, “comprising,”, “includes” and “including”, when used herein, specify the presence of stated features, integers, steps, operations, elements, and/or components, but do not preclude the presence or addition of one or more other features, integers, steps, operations, elements, components, and/or groups thereof. Unless otherwise defined, all terms (including technical and scientific terms) used herein have the same meaning as commonly understood by one of ordinary skill in the art to which example embodiments belong. It should also be noted that in some alternative implementations, the functions/acts noted may occur out of the order noted in the figures. For example, one or more figures shown in succession may in fact be executed substantially concurrently or may sometimes be executed in the reverse order, depending upon the functionality/acts involved. A base station according to the embodiments and a signal processing method thereof, together with a mobile communication system (hereinafter, system) that includes the base station will be described. FIG. 1 is a diagram depicting an overview of the system according to a first embodiment. As depicted in FIG. 1, the system includes a base station BS and mobile stations (, MS#1, MS#2) located within a cell covered by the base station BS. In this example, the mobile station MS#2 is located farther from the base station BS than the mobile station MS#1. In the system, when a dedicated channel has not been set, each mobile station synchronizes a preamble with a downlink signal from the base station BS and transmits the preamble. The base station BS calculates the delay of the preamble from each mobile station, the delay being based on the reference time of a downlink sub-frame, and notifies each mobile station of the respective delay. The mobile stations refer to the notified delay and thereby establish uplink signal synchronization with the base station. Hereinafter, in the description of the embodiments, the delay of preambles from the mobile stations, where each delay is based on a given reference time at the base station, is simply indicated as “delay”. Figure 2 is a flow chart of a method for minimizing error in preamble detection and delay estimation at a base station receiver in a LTE network according to one embodiment of the present invention. At step 210, the method stores/buffers input samples received at the base station receiver. The input samples from the receiving antenna are collected in the AIF2 ping-pong buffer of DDR through CPRI interface. Upon receiving the samples in the 1msec duration, the samples are read from DDR to DSP memory. The cell specific configuration for PRACH is given by RRC to the physical layer. These parameters will be copied from SRIO buffer to local memory and used for further processing in decoding the PRACH preamble. At step 220, the method removes the cyclic prefixes from the received OFDM symbols via cyclic prefix remover module to form time domain symbols. The received PRACH samples will be processed in OFDM receiver by doing FFT (Fast Fourier Transform). Number of FFT points will be big for larger bandwidth (example: NFFT=12288 for 10MHz and 24576 for 20MHz), which will increase computational requirement. In order to avoid the large FFT computation at the receiver, a hybrid time-frequency domain method is selected which first extracts the relevant PRACH signal through a time-domain frequency shift with decimation. y_(PRACH_Shifted ) (t)=x_PRACH (t)*S_SEQ (t) Where t=0,1,…….T_SEQ and S_SEQ (t) is a shift sequence used to shift received PRACH signal to the DC. Low pass filtering with decimation is followed with small-size FFT (NFFT=1536) computing the set of subcarriers centered on the PRACH subcarriers. Y_PRACH [k]=?_(n=0)^(N_FFT-1)¦?Y_(PRACH_Lowpass ) (n)*e^((-j2pkn)/N_FFT ) ? At step 230, the method processes the received OFDM symbols in order to convert the same into carriers thereby extracting random access preamble leaving out guard carriers. The N_ZC Subcarriers corresponding to PRACH preamble is extracted by demapping block. Y_(RX_preamble) [n]=Y_PRACH [k] For 0=k=?N_ZC/2? and (N_FFT-?N_ZC/2? )