Hi Somen1,
I get the feeling that you are looking for as inexpensive a repair as possible. However, this may interest you especially if you would like to improve the 1200's handling significantly.
I have a 1999 Daytona 1200 and put on Race Tech front forks (see
www.RaceTech.com ) and a Hagon rear shock (see
www.DaveQuinnMotorcycles.com who is the Hagon importer). This combo really improves on the dive and squat of the rather soft factory units, give great feedback and is still compliment. Total dealer installed out-the-door cost was $1,203.79 performed on Dec 1, 2006. This includes $300 in labor, in case you are able to do the work yourself.