Thanks for your reply, Thomas.
Answer provided by you is the main objective of the need. However, the way it shall be done is the problem comes in Eclipse.
If you provide the --address=x.x.x.x, it will be stripped in the VM arguments. Solution, they provided an option text box, where the IP address can be entered. See image. when you enter the IP address, you can see the --address argument is added in the VM arguements. Upto now is perfect.
When we start the server, with LAN IP address entered, "start operation" starts, development server started message is displayed. However, the operation is not completed (I mean to say the process bar is running at 100% display). After some time, operation time exceeds the time limit, and the server stopped throwing an error.
Thats the story. Hope, now you understand the problem, and where I am facing the issue.
