Hi Ankit,
the only way to release space within the database datafiles is to do a R3Load based system copy. This export the contents into a flat file and imports them back into a fresh database. This is the only supported way to do a reorg with a SAP Database on SQL Server.
Else mass data deletion will create lot of empty space within the database. Any new data recorded into the SAP system will be written into this free space. But without the R3load export/import, you cannot clam back that space.
Yogesh