Although Intellij supports running ant scripts directly through the IDE via the ant plugin, the Intellij editor will not figure out the classpath using your build.xml file by itself.This will result in the editor showing the code littered with errors.
Unfortunately the only solution I found to this is to add all the jars manually.You can get all the jars needed by building the ant project using the ant jar command.
So these are the steps you need to follow :->
1.Run ant jar command in the root of your program
2.Copy all the jars created inside the build folder(they will not be directly inside build folder.I had to go from build->ivy->lib->{project name})
3.Paste these jars to a new folder created somewhere outside the directory
4.Go to File->Project Structure->Libraries. Press the + button.
5.Select all the copied jars and press ok to any prompts which appear.
6.Press finish and wait for indexing to complete.Any dependency errors in the editor should resolve now.
Note: Since you are manually adding jars, you would need to keep them in sync if you change your build.xml file for any dependency change.