Hi Aamod,
I and my other colleague work parallel on the same models. So when i do some change , the other developer if he doesn't refresh/ checkout and does some changes on the models from his side it would fail mentioning that another version with same number got activated and will ask to resolve the changes with the remote version before doing any changes.
So the other guy before transporting has to "Synchronize" and check out the models to see if the changes are reflecting for him and then transport.
As of now we are also using CTS+ for transports but going forward you may want to consider "Change Manager" which comes with more features
Demonstration of Change Management in SAP HANA
Regards,
Krishna Tangudu