Galerkin projection of the Navier-Stokes equations on Proper Orthogonal Decomposition (POD) basis is predominantly used for model reduction in fluid dynamics. Robustness for changing operating conditions, numerical stability for long-term transient behaviour and pressure-term consideration are still major concerns of the Galerkin Reduced-Order Models (ROMs). In this article, we present a novel interpolation based procedure to construct a solution state using reduced basis. The POD basis functions are optimal in capturing the averaged flow energy. The energy dominant POD modes and corresponding base flow are interpolated for the change in operating parameter, thereby it circumvents the Galerkin projection of Navier-Stokes equations on reduced basis as well as the time-integration of the obtained Ordinary Differential Equations (ODEs). The proposed interpolation ROM approach is thus immune from the numerical issues associated with Galerkin ROMs. The method of snapshots (snapshots POD) along with linear interpolation of the reduced basis are used to build the interpolation ROM. In addition, a posteriori error estimate and stability analysis of the model are formulated. A detailed case study of the flow past a cylinder at low Reynolds numbers is considered for the demonstration of proposed method. The ROM results show good agreement with the high fidelity numerical flow simulation.