We present an efficient locking scheme in a hierarchical data structure. The existing multi-granularity locking mechanism works on two extremes: fine-grained locking through which concurrency is being maximized, and coarse grained locking that is being applied to minimize the locking cost. Between the two extremes, there lies several pare to-optimal options that provide a trade-off between the concurrency that can be attained. In this work, we present a locking technique, Collaborative Granular Version Locking (CGVL) which selects an optimal locking combination to serve locking requests in a hierarchical structure. In CGVL a series of version is being maintained at each granular level which allows the simultaneous execution of read and write operation on the data item. Our study reveals that in order to achieve optimal performance the lock manager explore various locking options by converting certain non-supporting locking modes into supporting locking modes thereby improving the existing compatibility matrix of multiple granularity locking protocol. Our claim is being quantitatively validated by using a Java Sun JDK environment, which shows that our CGVL perform better compared to the state-of-the-art existing MGL methods. In particular, CGVL attains 20% reduction in execution time for the locking operation that are being carried out by considering, the following parameters: i) The number of threads ii) The number of locked object iii) The duration of critical section (CPU Cycles) which significantly supports the achievement of enhanced concurrency  in terms of  the number of concurrent read accesses.