Hello All,
I wanted to share with all how I ultimately implemented water animation.
Water tile used from openart : https://opengameart.org/content/worldmapoverworld-tileset
Using Tiled map editor I filled up the scene dimension with the small water tileset, exported image frame by frame
water1, water2, water3…
When I had a bunch of water.png images, joined them up with https://old.photojoiner.net/ to create one large
horizontal tile with the water frames.
Now this tileset was used to create an animated object with isAnimated = true boolean
The code was made so that the sprite animation played, here is the resulting water animation I have
Video link : https://goo.gl/CEKZSM
Please let me know your thoughts and if you do have any better ways to implement water animation, comment on this thread 
with regards,
Tanvir