You are the master Jaikiran.
Also this can be easily configured in Netbeans. Although I don't know if there is any configuration option directly, but I went into the nbproject folder and opened the project.properties file and in that changed the value of build.dir property to Project/Project.ear. My project is in g:\myproject folder so I placed ,file:///G:/myproject/Project to the jboss-service.xml file.
I had to change the value of build.dir to Project/Project.ear because if I didn't do that, then I would have to put
file:///G:/myproject/ in the jboss-service.xml. Then jBoss would deploy the war and ejb modules in the myproject folder two times. So it would be safe to point the deploy folder into an empty folder and then point jBoss to that empty folder. This is more important in EAR projects which have the sub modules in their own directory. I know this might be confusing to read but if you try this then you will realize what I am saying