Hi Rajesh,
I'm using NWDS 7.3 SP11 EHP1 PAT002 and I have downloaded and installed the UI5 Tools version 1.18.11 (belongs to UI5TOOL07P_6-10011992 package). Both are on their lastest versions.
If you had correctly installed UI5 you'll see the SAPUI5 icon in the About NWDS Window:
When you click on it, a new window is displayed, showing version and other info about this plugin:
So, if you can see those previous screens, you definitively have to be able to use the "Application Project" wizard for SAPUI5.
Ah, now I remembered (after I wrote this 
) that I only was able to find the wizard by typing "application project" into the filter input field. If you enter "SAPUI5", it returns nothing!!
In any case, if you scroll down, you'll see it.
Hope it helps!
BR
Marcelo