And subsequently I changed the settings of all the TFS database not to grow exponentially. But the next day I came and tried to start my VSTS, it started givine me the same error
TF30042: The database is full. Contact your Team Foundation Server administrator.
Reading few blogs, I decided to change the Recovery Model of all the database from full to simple. And I was able to use my TFS without any issues after that. Below are the steps
1. Go to properties of the database
2. In Options tab, change Recovery model from Full to Simple.
I read in couple of blogs that it is not advisable to use Full Recovery model for the database which is used for version control.