For example i have 3 teams who will be engaged for a single task. Then how can i store estimated hour for team 1, team 2, team 3?
You could create custom tasks but I would not. The right solution is to have three subtasks under the main task.
Thought about this. But it will be time consuming. Let me clear the idea more. I want to implement the below format in jira. Is there any third party tool or any option in jira by which i can implement the same thing and remove excel from life.
Jira is designed around having a single executable issue. Single owner for accountability etc. what you outlined really represents a story with subtasks. With that said you can look at the Marketplace and search for possible solutions.
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