For the major chunk of the people, the issue could be related to proxy settings and can be solved by the above-mentioned solutions.
For me, the issue was something else. I have private repository dependencies which are hosted at Bitbucket and are resolved through "git+ssh://git@bitbucket.org/" which intern uses SSH to retrieve the repo.
SSH by default prefers IPv6 if DNS retrieves AAAA record and if the host has one. Since Bitbucket does have AAAA record, SSH is done over IPv6. But my ISP doesn't support IPv6 (You could check if your ISP support's IPv6 by taking a test in http://ipv6-test.com/).
To solve this, you could force SSH client to use IPv4 instead of IPv6.
Set AddressFamily inet
in /etc/ssh/ssh_config
and restart SSH client.
On Ubuntu to restart SSH client use sudo service ssh restart