Hi Raja,
1. Check this blog by Rich and all your questions will be answered
New SQLScript Features in SAP HANA 1.0 SPS7
He clearly states "As of SPS7, we will also support the new file format called .hdbprocedure which is DDL based, or plain text based. This will be the recommended file format to use moving forward. Before we can completely deprecate the .procedure file format, we must first support procedure templates, and the R language when using the .hdbprocedure file format. In the interim, we will support both file formats together in the “Stored Procedure” creation wizard."
2. You can learn more about .hdbprocedure in HANA Developer Guide
http://help.sap.com/hana/SAP_HANA_Developer_Guide_en.pdf
You can alson see new things in SQLScript from the below webinar:
SAP HANA SPS7 -  WEBCAST SERIES RECORDINGS | SAP HANA
Regards,
Vivek