#RealtyNewsRoundUp: RBI Reduces Repo Rate To 5.75%

News Brief: 

The Reserve Bank of India (RBI) on June 6 reduced repo rate by 25 basis points (bps) for the third time in a row, bringing it down to 5.75 per cent, the lowest in the past five years. The move is expected to consequently bring down the cost of borrowing for consumers bringing them back to the market. 

***

The World Bank has retained its forecast of India's growth rate at 7.5 per cent for the current financial year in its Global Economic Prospects report. According to the World Bank, the growth rate is expected to remain the same for the next two fiscals.

***

The Union ministry of environment and forests (MoEF) has declared an eco-sensitive zone around the Asola Bhatti wildlife sanctuary in Gurgaon and Faridabad and has prohibited construction or industrial activities in the sensitive zone. The notification issued by the ministry also directed the Haryana government to prepare a zonal action plan within two years on how to regulate activities there.

Meanwhile, the ministry of environment, forest and climate change (Mo-EFCC) has written to the UP government to submit a proposal to declare Dhanauri, a large wetland in Greater Noida that sees thousands of birds every season, as a Ramsar site and Sarus sanctuary, a wetland to hold international protection status.

***

Haryana State Industry and Infrastructure Corporation (HSIIDC) has issued notices to seven developers for not submitting details of their projects on the controversial 420 acres of land in Manesar as directed by the Supreme Court on March 12, 2018. These developers include ABW Infrastructure Ltd, DLF Home Developers, Innovative Infra Developers Pvt, Guru Nanak Infrastructure Developers, Unitech, Girnar Infrastructure and Kalinga Realtors. The Supreme court had said that HSIIDC would take over the land and ensure that the homebuyers either got refund or possession of their homes.

Source: Media Reports