I am trying to implement wait on a simple assertion and have set the "WaitonElementsTimeOut" to 30 second , attached is the image. But the assertion does not wait for 30 seconds and just moves ahead.
I know i am doing something utterly stupid please help.
What is the error message reported by Test Studio? Is it "element not found" or "verification failed"?
If it's the latter then Test Studio is doing exactly what you told it to do. If found the target element to verify within the 30 second time limit, looked at the text and determined it doesn't meet the verification.
What you probably actually want is to convert your Verify into a Wait For. A Wait For will wait for the text to successfully satisfy the condition being tested against. A Verify will wait for the target element to simply exist then look only once and, if not correct, immediately gives up.
To change your Verify into a Wait For, right click on the test step and select Change Role -> Set As Wait. Once done you can then control the waits timeout in the Properties pane. See the two attached screen shots.