I want to define a property in such a way that using associated nodes I should be able to view/modify the property value in any of the associated nodes and the changes should reflect in all the ascociated nodes
Create a AscNode property first. Then use another 'String' derived property using property deriver class of AscNodeProp to query the associated node property. And then create another formula based deriver class to specify a new value (i.e. changes) to the property.