I'm using xcode 6. Its fine to clean but it fails when I choose clean build folders.

Seems like you are restricted to create a build folder in your system root.
In XCode Menu --> Preferences --> Locations Tab --> Locations sub-tab, Change Derived Data to Relative and give any name in text box.
Have a look here which is also a permission problem in Xcode.
It could be due to Xcode bug (at least for me in Xcode 6.3.1). Toggling the location for derived data folder will fix it.
Go to Xcode > Preferences > Locations and change Derived Data to Relative, then back to Default.
Clean build folder again.
In Xcode 14 I clicked "Clean" command which had popped up in the 3rd row from the top and that fixed it.