Solved! Go to Solution.
Have a look at the below link:
Check the "Desktop" Multiuser geodatabase(also known as SDE Personal Geodatabase), which comes free along with ArcGIS Desktop.
But, there are certain things that you need to consider for the above type:
1. You need SQL Server Express to use that
2. Even though almost all the functionalities of SDE(versioning, replication, etc) is available with it...it has a limitation on the Number of Concurrent Users (1 editor and 3 readers)
To extent on this, I have written a detailed instruction of how to install a "Desktop Geodatabase" a.k.a. "Personal ArcSDE" a.k.a. "ArcSDE Personal Server". You can find it in this post in another thread.
Thanks for the link & the time you put into the step by step directions!