Can i develop android application using Qt
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Yes,
see "Necessitas":http://sourceforge.net/p/necessitas/home/necessitas/
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[quote author="adnan" date="1332194140"]Will these apps run as native android apps[/quote]
Not exactly but almost like a native app :) The install file will be apk but Necessitas through "Ministro":https://play.google.com/store/apps/details?id=eu.licentia.necessitas.ministro will automatically download and install all required Qt shared libraries to make sure that you Qt app will run on the Android device.
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I played a little with Necessitas and what it does AFAIK is: Create Java subclass of Activity and a few other classes ( they are generated in our project and you can see them ) and then Qt app is loaded as library.