Gulf Finance House's planned $10 billion Economic Development Zone in Navi, Mumbai is expected to boost the territory's position as an attractive investment option in the South Asian country.

During the groundbreaking ceremony early this month, Maharashtra chief minister Ashok Chavan said that the EDZ is the most iconic world-class project to be undertaken in India. He added that the scale and magnitude of the project have put Navi, Mumbai in the league of India's preferred business and leisure destinations.

The EDZ occupies 1,750 square meters and will comprise three main components: the IT & Telecom City, the Energy City, and the Entertainment City. Developed through a partnership between Garnet Construction Ltd and Dubai-based Sternon Real Estate, the site is projected to house 140,000 residents upon completion, giving rise to direct employment for around 250,000 people and indirect employment for as many as 750,000.

"Navi Mumbai is shaping into a global business hub, as Mumbai city has been saturated and there is no land available for mega projects. When we conceived Magic Hills we had anticipated that this satellite city would be a land of great opportunities," said Arun Kedia, the managing director of Garnet, in a statement.

The EDZ is the largest FDI-driven project in India.