2023-12-09 07:37:28
Real Estate Industry Flourishing in Theni District Despite Economic Crisis
The real estate industry in Theni district has seen a significant boom during the month of Puratasi, with banks offering generous loans for land and house purchases. Promoters attribute the surge in real estate transactions to the economic crisis that has gripped the district in the aftermath of the COVID-19 pandemic.
The economic impact of the pandemic has resulted in significant financial losses, running into thousands of crores, for the people of Theni district. However, as the district approaches the four-year mark since the end of the pandemic, economic activities are showing signs of improvement, with the real estate sector leading the way.
Traditionally, people are hesitant to engage in property transactions during the month of Puratasi due to religious beliefs and rituals. However, despite these traditions, the real estate industry in Theni district has witnessed a peak in activity, with hundreds of deed registrations taking place even during the inauspicious month.
Promoters attribute this sudden boom in the real estate industry to a shift in the behavior of those who used to lend money at interest. Many families, still reeling from the economic crisis, are now hesitant to lend money at interest, fearing they may not receive it back. As a result, they are choosing to invest their money in land and property instead.
Additionally, the rapid development of four-lane roads and bypass roads in the district has brought certain areas into prominence, prompting government employees and businessmen to take out loans and invest in real estate to minimize their tax liabilities.
Furthermore, the ease with which banks are offering loans for land and house purchases has created a favorable environment for the real estate sector to thrive in the district.
Overall, despite the economic challenges faced by the people of Theni district, the real estate industry has emerged as a beacon of hope, providing opportunities for individuals to invest and recover from the economic crisis.
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