navaneeth_noob wrote:1) Is there any option other than replacing the hard drive?
For you, with no experience or equipment to diagnose the actual internal problem, realistically - no.
The data you have supplied is just one "snapshot" - we cannot see whether the trend of those SMART attribute values over time, is currently stable, or is getting worse etc. Looking at the drive's internal SMART error log (if it exists) may provide more clues, but it may not. How long you continue to use that drive depends on the risk you want to take. You could also check to see if the drive is still under warranty with the manufacturer.
navaneeth_noob wrote:2) Also if I wipe clean the HDD apart from the partition with the Linux OS and leave the rest as unallocated free space, will the same error be reported?
Yes.