Bosh & Virtualbox: Failed deployment of stemcell

I am having issue establishing the bosh-lite environment using the virtualbox method from "https://bosh.io/docs/bosh-lite/".

CONSOLE:

Started installing CPI
Compiling package 'golang-1.10-  linux/48c842421b6f05acf88dc6ec17f7574dade28a86'... Finished (00:00:36)
Compiling package 'golang-1.10- darwin/9eacb8fc6b1b693e4280be4e916e2000f375bfbf'... Finished (00:00:48)
Compiling package  'virtualbox_cpi/491b894473950429800ed1ce9dbe1940aac37307'...    Finished (00:01:03)
Installing packages... Finished (00:00:38)
Rendering job templates... Finished (00:00:03)
Installing job 'virtualbox_cpi'... Finished (00:00:00)
Finished installing CPI (00:03:09)

Starting registry... Finished (00:00:00)
Uploading stemcell 'bosh-vsphere-esxi-ubuntu-trusty-  go_agent/3586.24'... Finished (00:01:19)

Started deploying
Creating VM for instance 'bosh/0' from stemcell 'sc- edb4e5a1-9563-47f4-5c45-a05f0ee3afed'... Failed (00:01:16)
Failed deploying (00:01:16)

Stopping registry... Finished (00:00:00)
Cleaning up rendered CPI jobs... Finished (00:00:00)

ERROR:

Deploying:
Creating instance 'bosh/0':
Creating VM:
Creating vm with stemcell cid 'sc-  edb4e5a1-9563-47f4-5c45-a05f0ee3afed':
    CPI 'create_vm' method responded with error: CmdError{"type":"Bosh::Clouds::CloudError","message":"Creating VM with agent ID '{{f78dc9ca-55d2-464c-7dca-e2fae6aa9606}}': Starting VM: Retried '30' times: Running command: 'VBoxManage startvm vm-c751d027-ff8e-4027-4ca5-951ca54ed02c --type headless', stdout: 'Waiting for VM \"vm-c751d027-ff8e-4027-4ca5-951ca54ed02c\" to power on...\n', stderr: 'VBoxManage: error: VT-x is not available (VERR_VMX_NO_VMX)\nVBoxManage: error: Details: code NS_ERROR_FAILURE (0x80004005), component ConsoleWrap, interface IConsole\n': exit status 1","ok_to_retry":false}

Exit code 1

NOTES:

I have added the ubuntu dependencies as well. I have also made the changes for the private networking as well:

[1]+  Done                    virtualbox  (wd: ~/Desktop)
(wd now: ~/deployments/vbox)
X-VirtualBox:~/deployments/vbox$ VBoxManage list  hostonlyifs
Name:            vboxnet0
GUID:            786f6276-656e-4074-8000-0a0027000000
DHCP:            Disabled
IPAddress:       192.168.50.1
NetworkMask:     255.255.255.0
IPV6Address:     
IPV6NetworkMaskPrefixLength: 0
HardwareAddress: 0a:00:27:00:00:00
MediumType:      Ethernet
Wireless:        No
Status:          Up
VBoxNetworkName: HostInterfaceNetworking-vboxnet0

vboxnet0  Link encap:Ethernet  HWaddr 0a:00:27:00:00:00  
      inet addr:192.168.50.1  Bcast:192.168.50.255       Mask:255.255.255.0
      UP BROADCAST MULTICAST  MTU:1500  Metric:1
      RX packets:0 errors:0 dropped:0 overruns:0 frame:0
      TX packets:0 errors:0 dropped:0 overruns:0 carrier:0
      collisions:0 txqueuelen:1000 
      RX bytes:0 (0.0 B)  TX bytes:0 (0.0 B)

VBoxManage natnetwork add --netname NatNetwork --network ,    10.0.2.0/24 --dhcp on
VBoxManage: error: NATNetwork server already exists


NetworkName:    NatNetwork
IP:             10.0.2.1
Network:        10.0.2.0/24
IPv6 Enabled:   No
IPv6 Prefix:    fd17:625c:f037:2::/64
DHCP Enabled:   Yes
Enabled:        Yes
loopback mappings (ipv4)
    127.0.0.1=2