cannot resolve configuration property - intellij

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I created a bare-minimum springboot project and it keeps complaining about the application.properties entries not being resolved. I have tried lowering the sprintboot version from 2.2.5 to lower ones but still the same issue. My intelliJ version is 2019.3.3 (ultimate version).

I do notice that standard spring config properties like below are picked up just fine from application.properties

# Cache resources for a day
spring.resources.cache.period=86400 

Interestingly other projects that worked fine in the past have as well started giving this issue. Any pointers?

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