Hello @kartik,
I usually have one settings file per environment, and a shared settings file:
/myproject/
  settings.production.py
  settings.development.py
  shared_settings.py
Each of my environment files has:
try:
    from shared_settings import *
except ImportError:
    pass
This allows me to override shared settings if necessary (by adding the modifications below that stanza).
I then select which settings files to use by linking it in to settings.py
Hope it helps!!
Thank you!!