http://step.esa.int/main/download/To get the latest version you need to download it again from the webpage.
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Thanks for the time and assistance. Since the update doesnot work for now, I assume that I should reinstall it. If so, I would rather wait till the issue is fixed for updating. 
The updating will not work, you will have to install 5.0 (and preferably uninstall 3.0). The issue that is discussed is related to how users of old versions are notified that a new major release exists.
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What is the working principle of change detection from SAR application?
How it detects the changed areas?
Is it based on difference in backscatter or anything else.
Thanks in advance
Is there any range of threshold value that is taken for performing the change detection?
no, the threshold is identified statistically.
Can you please help me get an idea about the statistical process by which we can decide the threshold.
the process from the Change Detection Tool is documented in the linked paper above.
You can find your own threshold by investigating the pixel values of water and non-water, for example using the histogram or statistics tool.
Ok sir.
Thank you