Hey Phanindra,
As Oshyan says rendering the micro exporter via top down orthographic camera is the way to go. Rendering from a perspective camera is limiting unless your camera is locked down, but then you don't have the flexibilty to move it later if you need to.
You should also turn off texture coordinates in the micro exporter before you bake it out. You will have to re-UV the mesh in Maya anyway (as the text coords in Terragen are not projected down on the mesh, but along the x axis) and this wil lreduce the file size on disk.
The resultant mesh also has every vertex duplicated and those should be cleaned before importing (halving the mesh file size again!) . Maya is very crap at cleaning dup verts on huge meshes output from Terragen, so I use a free prog called mesh lab to de-dup ebfore loading in to Maya. (
http://sourceforge.net/projects/meshlab/files/meshlab/)
I'm just finishing up on a Maya script I'm writing that handles most of the issues you'll come across working with Terragen and Maya (deals with all the scale issues and can import / export nimation to and fro from Terragen)
Keep watching this topic, and I'll post it in the next couple of days.
p.s if you really have to render via a persp camera then the "farthest distance" parameter in the micro exporter might clip the mesh a reasonable distance from the camera.