The announcement of State Capital of Andhra Pradesh is proving to be a boon for Jewellers in the region as well. All of sudden the activity in the villages has gone up with realtors lining up to buy lands. The rate per acre is already running in multiple Crores and is increasing every day. While some farmers are sitting down to wait for big amounts, few farmers are already cashing it.
With sudden cash inflow in to the villages, the foot falls have gone up for the local Jewellers too. They are reporting that they are witnessing never before business in the region and the business is also being aided by the down-slide of Gold Prices.
“Most of the transactions that take place here are in Black. Sellers do not want to take the risk by keeping the cash with them. So most of them are converting them in to assets like Gold, Cars etc. Few of them are even buying plots and agricultural lands in other areas by selling their lands here”, said a local to our Mirchi9 Reporter.