Hello Sameer,
It seems you are continuing from the Thread:
https://www-secure.symantec.com/connect/forums/server-move-new-hardware
Secondly, to answer your question -
Yes, you could go ahead with the Migration process.
I would recommend you to take a complete Backup of the Database of the Primary server and before you decommission the old Server, make sure all the data has been replicated and all clients are reporting to the new server.
NOTE: As pete commented above, since in your case you would be performing a Replication and then decommissioning the Primary server. Here you may not be able to create any replication there after since you have decommissioned the Primary server.
I would also recommend you to check this Article:
How to point clients to a new SEPM after decommissioning or replacing the primary SEPM.
http://www.symantec.com/docs/TECH92556
Hope that helps!!