Android studio “SDK tools directory is missing”

Following 2 possible solutions will resolve this problem : 

Solution1 :

1. To fix the problem, it was required that I list the path to my corporate PAC file by using Configure -> "Appearance and Behavior" -> System Settings -> HTTP Proxy. I selected "Automatic proxy configuration url:"
2. Delete your ~/.Android* folders (losing all of your settings :/).
3. Run Android Studio. It will show you a welcome wizard where it tries to download the SDK again (and fails due to my rubbish internet).
4. Click the X on the wizard window. That will enable you to get to the normal welcome dialog.
5. Go to Settings->Project Defaults->Project Structure and change the Android SDK location to the correct one.

Solution 2 :

To fix the problem, it was required that I list the path to my corporate PAC file by using Configure -> "Appearance and Behavior" -> System Settings -> HTTP Proxy. I selected "Automatic proxy configuration url:"

1. When the error appears instead of clicking on 'finish' , click on 'x'.It will ask to to re initialize. Take the recommended option.
2. After it reconfiguration it will take back to the main screen. Just go to
   Configure -> Project Defaults -> Project Structure and copy paste or browse (appData folder may be hidden) to location C: / Users / user / AppData / Local / android / SDK.
3. Finish and try creating project again. Will work like charm !! ;)