I managed to get what I want by creating what you call a Symbolic Link in c:\wamp\www (using WAMP) folder which is also my eclipse workspace, for the network shared project I wanted to import into Eclipse. To do this open an elevated command prompt and run this command
mklink /d projectname \\network_shared_folder
/d
option creates a directory symbolic link. Now, the network project will be available as a local project on the web root which can be easily imported into Eclipse (or any other IDE)
Hope this comes in handy for someone who stumbles upon this problem. Now I can get content assist for any file in the project.
Thanks.