NRI Investor Corner
The heritage and legacy of Jaipur attracts the investors to participate in the city development since a long time now. There are a number of investments that have been already taken place in the city till date.
Current keyInvestments in the city
- Towards transportation: This one is the most ambitious investment the Government of Rajasthan has pitched in and will change the face of city transportation completely. Let’s look at a few of such plans:
- Bus Rapid Transit System (BRTS): Already partially completed and further execution in progress this project is planned to cater the city transportation requirement for next 15 to 20 years. The project is divided into two major phases that covers the city limits – from Sikar Road to Tonk Road (Part of North to South Corridor) and Ajmer Road to Delhi Road (Part of East to West Corridor). The already completed plan can be visualized by the citizens commuting in various areas of Jaipur.
- Industrial Freight Corridor: This one is a unique plan focusing on improving the economy through a break free transportation of freight and goods from within and around Jaipur. Jaipur city is part of DMIC (The Delhi Mumbai Industrial Corridor) started by Central Government and is a 1483 kilometre long project connecting Mumbai to Delhi. Almost 46% of this path forms part of Rajasthan including Jaipur. This will also amplify the growth of industries in Jaipur as the city will now be more accessible. Through the same zone, Government of Rajasthan has planned special industrial zone with assistance from the Japanese Government. The Majarakath’s Japanese Zone at Neemrana is situated 170 km from Jaipur and currently hosts 30+ companies like Nissin, Daikin, Mitsubishi Chemicals, Nippon Express and many more in an area of 1200 acres.
- Jaipur Metro: For the citizens of Jaipur, Metro rail is a project that is a step towards future. It’s also getting developed in two phases mainly a relief to the heavy traffic zones and will allow a free flowing transport to the commuters within and outside of the walled city. This will increase the growth in Commercial centres as it will now be easy transiting and not getting stuck in the traffic.
- Ring Road: This project is the part of Jaipur’s Master Plan 2025.The city has already formed part of the Golden Quadrilateral project of joining 4 major cities of India. The plan is to construct a ring road around the Jaipur City connecting the Ajmer Road to Delhi Road, Sirsi Road, Agra Road and Tonk Road. It will be a 6 lane road with additional 3 lane of Service Roads that will not only work as a bye-pass to the city, but will also allow the heavy vehicle traffic to pass through the city without any traffic clogs. This will also give a breather to the city traffic and will cut across all industries and special economic zones planned.
- Special Economic Zone: In collaboration with RIICO, Mahindra &Mahindra has come up with a multi-product special economic zone spread in an area of around 3000 acres near to the Ajmer Road. It is built with high quality infrastructure and is considered to be the largest IT SEZ in the country. This zone, currenthouses, investments and establishments from Infosys Technologies, Genpact, Deutsche Bank, MetLife, JCB, Perto, etc. In addition, there are plans of companies like Reliance and Wipro to build centres in this area. The advantage of this zone is, it is near to the National Capital Territory (23% of which is in Rajasthan state). There are further expansions proposed in the same region and introducing the zones for large scale industrial units and special area for gems and jewellery industry.
- Investments in Hospitality Industry: In the recent past the city has seen a growth in both medical and heritage tourism and this has resulted in many developments around the two. The city houses some of the world class Hospitals like Fortis in Malviya Nagara and EHCC (Heart Speciality) near to the Airport. Even there is an upcoming project of Medicity multi-speciality hospital from Reliance Group to be built at Jagatpura. On the same hand the city has seen some of the big branded hotels getting located in the city like Mariott, Holiday Inn, Hilton, Radisson, Hyaat, etc. which clearly indicates the development in the city.
- Other important facts:
- Adani Group signs a Rs. 40,000 crore investment deal with Rajasthan Government.
- Houses an International Airport with all required facilities and flights to all major destinations in India and around the world.
- Growth in tourism with almost 80% coming from countries outside India.
- A largest base centre which exports silver jewellery, coloured gemstones, handicrafts, apparels, carpets, traditional footwear, stone artefacts, engineering goods, etc.
- A dedicated Sports City planned to be built near Achrol village on the Delhi Jaipur national highway.
- The government of Rajasthan State in association with the Reliance Power has signed a mutual Memorandum of Understanding to develop a 6000 MW solar power plant that will be an aid to the industrial units of the state.
With all the details above it is clearly visible how advantageous it is to grow business and investments in Jaipur. We welcome all the potential NRI investors to liaise with our group and start the journey of investments and ever increasing returns. The above investments are made possible cause of the different schemes offered by the Government of Rajasthan which are safe and business friendly policies. Few of these are:
Investment Incentives by Government of Rajasthan
- Rajasthan Investment Promotion Scheme (RIPS): This mainly includes the various exemptions in VAT, CST and GST like up to 50% exemption on electricity duty, entertainment tax and moreover a 100% relaxation on luxury tax.
- Special purpose industrial parks: Land allotted for the development of industrialparks specific to one category.These include Stone Park, IT Park, Bio-Tech Park, Agro Food Park, Export-Import Promotion Park, etc.
- Single Window Approval: In this proposition, a single point of contact mechanism is formulated in which the entrepreneurs can interact and are given the advantage of taking state level approvals on a single counter.
Frequently Asked Questions
Who are considered as Non Resident Indians (NRIs)?
An Indian citizen who is staying and working outside the international border for carrying out business or for skilled employment for an indefinite period are considered to be NRIs. The officials that are posted outside the country by central or state government are also considered under this category.
Who are Persons of Indian origin (PIOs)?
A PIOis an individual (who is not a citizen of neighbouring countries like Pakistan, Sri Lanka, Bhutan, Bangladesh, Afghanistan, China, Nepal or Iran) who:
- Possessed an Indian Passport in past, or
- Is or whose father or fore-father were citizen of India as per the guidelines listed under the Citizenship Act, 1955.
What are the Rights of an NRI and PIO?
- Maintain a Bank Account in Indian Nationalised Bank.
- Invest in securities and deposits of Indian Companies.
- Invest in fixed and immovable properties.
What is Power of Attorney and its types?
A written authorization letter to act or represent on another person’s behalf for the purpose of business, private transactions or proceeding with legal matters is known as Power of Attorney. The POA holder or agent should be a relative or a friend over 18 years of age.
Types of POA
- Special POA (SPA) – is used to transfer a specific authority to another person.
- General POA (GPA) –is authorization to perform everything.
Things to be kept in mind before executing POA
- POA should be in the prescribed format.
- The document should have a photograph attested with signature (or thumb impression) of the executant on each page.
- Authentication of POA should be done by the local authority or via Indian Embassy located in the country of residence.
- This document should be notarised and stamped on a Rs. 500 /- stamp paper. Ensure that the document is affixed with a “Before Me” stamp.
Can an immovable property be sold / gifted by NRI / PIO without any authoritative permission?
Yes. One is not required to take any approvals from RBI or any other centralized authorities.
Can NRIs / PIOs acquire Indian commercial properties?
The Reserve Bank of India grants this right to an NRI / PIO under certain general permissions. The only clause is that this property should not be an agricultural farm, plantation property or a farm house.The payment to this transaction can be made through foreign exchange or through the bank accounts maintained within the country.
Can NRIs apply and get loans for acquiring residential units?
Yes, RBI has granted a conditional permission to certain financial institutions to grant housing loans to NRIs. These are namely LIC Housing Finance Limited, HDFC, etc. Such loans comes with a repayment condition that the period should not exceed 15 years.
What is the documentation allowed in loan sanctioning process?
There are certain additional documents required for NRIs to apply for a home loan other than required by the Indian residents. These are also dependent on whether you are salaried or self employed. The list of required documents are:
| Salaried Applicants
|Copy of Valid Passport
||Copy of Valid Passport and a valid VISA
|Copy of Valid VISA / Work Permit or any other equivalent supporting document whichcertify the residential staus of NRI
||Brief description of the business or a copy of Trade License orany other country specific equivalent document
|Oversears Bank A/c statement showing salary credited in last 3 months
||Oversears Bank A/c statement showing transactions done in last 6 months
|Copy of Latest Contract which is an evidence of Salary. It can also be a Salary Certificate or a Wage Slip
||Income Statement, P&L A/c and Balance Sheet for last 3 years certified by a CPA or CA or an equivalent authority