Hi Srinivas,
It can be done, but not the way you have asked. The Favorites pallet only stores your settings, but once you place an object into your plan, it's no longer associated with any changes to your Favorites. To be able to change all of your columns in the way that I think you want, they would have to be hotlinked modules, or custom library parts.
The easiest way you can change all of your columns would be to use Find & Select (Edit -> Find & Select...) to select all your columns, and then just change their sizes as you normally would - just be aware that if your columns' anchor point isn't in the centre, then the columns will move around in floor plan.
Hope that helps a bit.
Cheers,
Tom