Is there any config file in U-boot similar to config files(in arch/arm/configs/ for ARM) in Linux.
My doubht here is, while building U-boot it is taking CPUDIR(in the top Makefile) as "arch/arm/cpu/armv7". I am trying to understand from where it is taking the configuration as "arm" and "armv7".
I believe the header files in include/configs are what you're looking for. You'll need to determine which file is used for your board.
From http://www.stlinux.com/u-boot/modifying:
Configuration files
The important configuration information for U-Boot is defined in the file:
include/configs/<board>.h
For example, the Espresso board default configuration file is:
include/configs/espresso.h