Hi Umesh,
Project metadata is located under [Workspace]/MyEclipse 7.0/.metadata.
From MyEclipse select the project and delete (press delete or use context menu action). Eclipse will ask you if you want to delete from the file system as well, you can say yes(Please take a *backup* before you delete this project). Verify that the project is deleted from workspace.
Now using the back up of the project, create a new workspace location. Select File > Import > General > Existing Projects into Workspace.
Select the “Select root directory” option and specify the folder containing your backup project (or specify the project folders directly, one at a time).
When you click finish, your projects should reappear in your workspace, ready to go. You can use this to configure your application to another repository.
Hope this helps.