Hi, Pratik.
My understanding is that it's not currently possible to share an entire folder with other users - only individual files, which it seems you already know how to do.
I have seen our blog posts stating that this is coming "as soon as it's ready", so it's definitely being worked on.
If you have any other questions on this, I highly recommend asking them in our Creative Cloud forum: http://forums.adobe.com/community/creative_cloud
