Thank you Geert Bellekens, for your feedback.
In fact, before raising the question in the forum, we evaluated the mentioned options.
One problem with the version control is (like CVS), the control is being done mostly at the package level. The whole package need to be taken or left. If some element is changed inside a new package, and for some reason if we want only that change need to be incorporated into the current master package, there is no way we can do it. Either we have to overwrite the current master package with the new package or leave it, thus loosing changes in the new package.
To some extent compare and merging is ok. Replicas can be taken. While merging they can be compared and the differences can be judiciously accepted or ignored. But when the changes in the new package are many, this takes substantial amount of manual effort. Some of the User documentation from Sparx also does not recommend compare and merge facility for the heavy changes in new packages.
The only promising option seems to be the Baseline concept. But here again we have this Cross references problem, as I mentioned before, while doing export / import.
Anyway, Once again I thank you Geert Bellekens for your valuable feedback. At least it gave us confidence that, we are not leaving any available option / facility without evaluation / consideration for our project requirements.
And for the rest of the Forum, I once again request if any of you faced this sort of situation, please kinldy let us know what approach you used.
Thanks & Regards
Prasad Boddu