Get term name for page title from term id passed in the contextual filter? What is the correct method of getting term name in the page title field if I have passed the term id in contextual filter. 
I have added the Content: Has taxonomy term ID contextual filter in views, I have tried to overwrite the page title be provide "%1" but that also provides term id as the "filter value type" contains term ID.

One way to achieve this using the "global php" field in the header and getting the term ID from the argument as "arg(1)", and getting the term name from the term ID and than setting page title using "drupal_set_title($term_name)".
Answers Updated:
try this hook, hook_view_pre_render()


  This hook is called right before the render process. The query has
  been executed, and the pre_render() phase has already happened for
  handlers, so all data should be available.


function MYMODULE_views_pre_render(&amp;$view) {
  if ($view-&gt;name == 'your_view_name') {
     $term = taxonomy_term_load(arg('arg_position_in_url'));
     $title = $term-&gt;name;
     $view-&gt;build_info['title'] = $title;
  }
}