java Lang UnsupportedClassVersion Error in Xamarin Studio

I am getting the following error when I am building my project . How do I correct this ?

C:Program Files (x86)MSBuildXamarinAndroidXamarin.Android.Common.targets(3,3): Error: java.lang.UnsupportedClassVersionError: com/android/dx/command/Main : Unsupported major.minor version 52.0 (FGH)

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My version information from Help > About > Show Details:

Xamarin.Android Version: 6.0.2.1 (Starter Edition)
Android SDK: C:UsersAdminAppDataLocalAndroidandroid-sdk

Supported Android versions:

• 4.0.3 (API level 15)
• 4.4 (API level 19)
• 6.0 (API level 23)

SDK Tools Version: 24.4.1
SDK Platform Tools Version: 23.0.1
SDK Build Tools Version: 24 rc2

Java SDK: C:Program Files (x86)Javajdk1.7.0_71
java version "1.7.0_71"
Java(TM) SE Runtime Environment (build 1.7.0_71-b14) Java HotSpot(TM) Client VM (build 24.71-b01, mixed mode, sharing)