1. A computer implemented method to perform a search and replace operation concurrently within a plurality of documents, the search and replace operation being subjected to a predefined scope and a condition file, the method comprising: selecting at least one document from amongst the plurality of documents to perform the search and replace operation; deriving the condition file from the at least one document, the condition file comprising a set of search and ignore conditions; specifying a plurality of search positions within the at least one document, each search position adapted to limit the traversal of the search operation within the at least one document for a predefined position; caching each of the search positions and data located therein in a dynamic memory, wherein the dynamic memory is coupled to a controller; identifying and replacing a first pattern in the at least one document with a second pattern based upon the cached data, wherein the second pattern is identified by inserting at least one configurable warning tag for each search position, and wherein the at least one configurable warning tag notifies changes in the lines in the condition file based on the replaced first pattern; and generating at least one search and replacement report in a consolidated form illustrating a set of changes occurred post the replacing of the first pattern in the at least one document with the second pattern based upon the cached data.