I got the way to redirect the out put to console as well as to a text file as well simultaneously:
te = open('log.txt','w') # File where you need to keep the logs
class Unbuffered:
def __init__(self, stream):
self.stream = stream
def write(self, data):
self.stream.write(data)
self.stream.flush()
te.write(data) # Write the data of stdout here to a text file as well
sys.stdout=Unbuffered(sys.stdout)