This paper describes our system developed for the SemEval-2024 Task 1: Semantic Textual Relatedness. The challenge is focused on automatically detecting the degree of relatedness between pairs of sentences for 14 languages including both high and low-resource Asian and African languages. Our team participated in two subtasks consisting of Track A: supervised and Track B: unsupervised. This paper focuses on a BERT-based contrastive learning and similarity metric based approach primarily for the supervised track while exploring autoencoders for the unsupervised track. It also aims on the creation of a bigram relatedness corpus using negative sampling strategy, thereby producing refined word embeddings.