I would like to create a hierarchy
Level 1: Package
Level 2: Product
Level 3: Design, Implementation, UAT, KT, Handover
How will I make to review the project progress in terms of tasks/stories and timelines
You have not told us how you would like each layer to behave, so this is a very very fuzzy suggestion, but I would probably set up packages as Epics, have one project per product, and then have issue types for the level 3 items.
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