To What Extent Had the Ussr Recovered from the Impact of the Great Patriotic War (1941-1945) by the Time of Stalin’s Death in 1953

To what extent had the USSR recovered from the impact of the Great Patriotic War (1941-1945) by the time of Stalin’s death in 1953? Although VE celebrations started on 24th June 1945, peace was declared on the 9th May in Moscow. There are differing opinions on the amount of deaths that were caused by the Great Patriotic War (for example, Kenez estimates 26-27 million, many of whom were prisoners of war, whereas Hoskings estimated 20-25 million, many of whom were killed indirectly by the war, by means such as famines).It could be suggested that the USSR simply returned to where it had been previously in the 1930s after the war, for example primary focus for industry was put on â€Å"heavy† goods such as oil and coal. But to what extent did life for the Russian improve once the war was over? Social conditions after the war were anything but favourable. 1,170 towns, 70,000 villages and 7 million homes had been destroyed leaving 25 million Russians homeless. This issue was not addressed or rectified and no housing schemes of building projects were started, instead the money was redirected to other areas. So Soviets were left restless as they had nowhere to go.The peasants were essentially bound to their land as they had no access to funds or passports to travel. The two types of farms faced disadvantages, for example the Kolkhozy farms (collective state farms) had to meet state obligations which were 60-70% of their output and only received trivial rewards in return (such as sacks of potatoes). Even though the war had caused so many deaths, the Politburo remained to see the peasants as disposable after the war. Also Stalin did not trust the peasants as he said they were â€Å"too individualistic to make good socialists† and therefore increased the taxes on them.So this is not recovery as the lifestyle, especially for peasants, got worse. The agricultural output in 1945 was only 60% of what it had been before the war, and as a result food shorta ges that had occurred previously (due to the farm workers going to the front, and with them taking machinery and horses) simply continued. There was a famine in 1946-47 and this caused widespread starvation, for example in Moldova alone 70,000 Russians died. Due to the famine, food rations were restricted and the numbers eligible for these were educed (21 million reduced to 4. 1 million). To make this even worse Stalin did not acknowledge the famine and banned private farming in 1946 as it was seen as anti-communist. This meant that the small amount of food the peasants may have been able to grow to feed their families was now taken away from them. As a result of this, the USSR could not recover because they had less resources and food. Also Stalin was ignorant, and made the any chance of recovery harder because peasants were not able to feed themselves, so they in turn could not recover.It was not only in the country where the people suffered, workers in the towns faced inflated ta rgets and reduced wages (further than this they were expected to subscribe to state bonds which totalled several weeks’ wages). So the people were not able to provide for themselves, meaning that they could not recover, as they couldn’t afford to. Consumer goods were very scarce, for example, although there were 341 million knitted garments by 1953, televisions and refrigerators were very rare even though they were now commodities in the west at this time.Although after the Second World War, life was certainly looking very bleak for the Russians; some fixed prices were reduced in the towns to ensure that the poorest workers could afford food such as bread (which cost half the amount in 1950 as it did in 1947). So recovery had been initiated, however, in general, living conditions did not improve. The Great Patriotic War affected Stalin very negatively, despite the Russian victory. He perceived his personal position and security in a different way to the Russians and sa w himself to be very vulnerable. Understandably this was partly due to the success and support that Zhukov faced after the war.Although it is not clear whether or not Stalin’s health deterioration was a result of the war, he never fully recovered from this experience. Due to his constant paranoia, Stalinism was re-asserted after the war. This had previously been used in the 1930s (involved the state making extensive use of propaganda to establish a personality cult around Stalin to maintain control over the population and to maintain political control for the Communist Party). During the period of fighting, there had been relaxations in censorship and other areas such as the church (who were allowed to openly practice religion again).This was to ensure support for the leadership of the country and unite the Russian people against the Axis powers. However, after the war, regulations of the Church were once again tightened, to stop it becoming too powerful. The cult of personal ity reached its peak on Stalin’s 70th birthday in 1949 and this was accompanied by a new programme of censorship (for example newspapers were censored once before publishing and once after) and propaganda. Intellectual life in Russia also suffered shut in order to eradicate opposition, for example archives were shut in the 1930s and original research was discounted.All areas were affected, including literature where writers who were seen to be non- ideological were purged (by expelling them from the Union of soviet writers). Whether or not this is a sign of â€Å"recovery† after the war depends on whose perspective taken – for the Russian people it was a tightening in society that had a negative effect whereas members of the communist party or Stalin’s supporters would see this as â€Å"recovery† from the loosening in control and a sign that Stalin’s power was being re-asserted.The results of Stalin’s paranoia had a negative effect fo r the Russians, even if they had not been directly aware of it at the time. Due to Stalin’s over cautious approach he refused to research new technologies and exploited new industries and trade with the west. If he had done this; Russia’s economy would have expanded and the economic problems the country faced may well have been solved, or at least improved. Science in the Soviet Union was also under strict ideological control by Stalin and his government, along with art and literature.There was significant progress in â€Å"ideologically safe† domains, owing to the free Soviet education system and state-financed research. However, the most notable legacy during Stalin's time was his public endorsement of the agronomist Trofim Lysenko, who rejected Mendelian genetics as â€Å"bourgeois pseudoscience† and instead supported hybridization theories that caused widespread agricultural destruction and major setbacks in Soviet knowledge in biology. Although many scientists opposed his views, those who publicly came out were imprisoned and denounced.This also made the prospects of recovery for the USSR very low. The fourth Five Year Plan was launched in 1946 (until 1950) by Voznesensky which aimed to restore production to pre-war levels. During the Great Patriotic War the Russians had effectively produced arms to keep their front well supplied. This obviously involved a shift in production focus and this now needed to be switched back to previous production. New factories were built where they had been located previous to the war but the relocated factories remained in use in the Urals.This meant that production capacity increased and Soviet gross national product (GNP) grew annually by 8. 9% between 1946 -1950 which shows obvious signs of recovery and is very significant (as in 1939 it was 8. 5%). However, rather than shifting the focus to consumer goods as one might expect, the focus remained on heavy industry. This means that the standard of living did not improve for the Russian people. Further than this, Stalin also failed to solve the agricultural production problems caused by the war (for example the grain harvest in 1952 was less than that of 1940).The Russians were therefore unable to improve the way they lived, and to add insult to injury many Russian’s savings were wiped out when the country underwent a currency reform in December 1947. Hoskings says that â€Å"the shape of the recovery thus froze the soviet economy back into the shape it had assumed in the thirties† which is due to the USSR failing to exploit any new techniques, even though it had UN economic advisors available to it. Due to a lack of interest, no new innovations (such as chemicals and plastics) were investigated.Instead the money was put to use funding causes such as â€Å"Stalin’s grand projects of communism† which built striking new buildings such as the Metro and Moscow University. This was obviously a showca se of communism but did not contribute to the recovery from the Great Patriotic War. During the war the Communist Party had taken a backseat and the focus had been primarily on nationalism rather than communism in order to ensure that patriotism and the general war effort were kept active.However, after the war, Stalin wanted to re-assert himself as the undisputed leader of the USSR (this was partly due to his paranoia and illness). Instead of re-asserting the Communist party itself, Stalin ruled through a small group of influential magnates (such as Beria and Molotov). From the wider communist parties point of view Russia may not have recovered well â€Å"ideologically† after the war, whereas Stalin would have felt that this was an improvement from the leadership previous to the war (and certainly during the war when he was forced to accept suggestions from more experienced military men such as General Zhukov).Stalin did ensure however, that the soldiers that joined the Comm unist party during the war were educated in Communist values through the new Central Committee Higher Party School that was set up. Stalin also delegated some areas of control to other groups due to the huge workload he faced, for example the economy was given to the USSR Council of Ministers. However, he also put a strict hierarchy of decision making into practice to ensure that he still essentially made all the decisions.It still appears however that the improvements made after the war fail to outweigh the negatives both in number and significance. The Great Patriotic War had left Russia severely weakened and the Russia nation crushed. Although the economy did appear to improve slightly after the war (increase of 8. 9% in the GNP) and Stalin re-asserted his control, Russia remained how it had been run in the 1930s previous to the war (no improvements or innovations within industrial production and living conditions remained poor) and therefore Soviet Union had not recovered well b y 1953.

Comparing and Contrast curriculum models

Comparing and Contrast curriculum models In early childhood education, we model our programs after highly respected models such as, Montessori, High Scope, and Reggie Emilia, Creative Curriculum, etc. We all have our own approaches to education. In the following paragraphs I will summarize two curriculum models, compare and contrast two of the curriculum models and compare the one that best matches my own educational philosophy.High/Scope curriculum is based on Piaget's concept that children are asctive learners who construct their knowledge base through playing and experimenting ith hands-on materials (Segal, Bardige, Wolka, ; Leinfelder, 2006). This curriculum framework describes educational ideas and strategies but does not rely on a specific set of materials.The five basic principles that form the framework of the Hlgh/Scope Curriculum are active learning, supportive adult-child interactions, a materials-rich learning environment, a consistent daily routine, and ongoing child ass essment. The Hlgh/Scope educational programming Includes the following elements: a core curriculum that includes specific elements but encourages following children's nterests, a three-phase â€Å"plan-do-review† learning cycle, and assessment tools and strategies (Follarl, 2007).

Financial Performance of Retail Banking in India Essay

Financial Performance of Retail Banking in India - Essay Example According to World Bank report of 2011, the value of the Indian economy is around $1.848 trillion, which can be considered as the tenth- major economy in terms of exchange rates (World Bank, 2013). However, the major challenge that the country faces is poverty. Though the country and its government has been successful in diminishing poverty from 55 percent in the year 1973, to around 27 percent in 2004, but around 1.1 billion citizens of the country are below the poverty line (Nayak, Goldar, and Agarwal, 2010). It has been noticed that 30 percent of the rural population are below the poverty line (Rural Poverty Portal, n. d.). Financial development is an integral factor for the growth of country’s economy. It has been proved through many studies that for any well-functioning fiscal system, mobilizing saving and allocating resources support functions such as risk management, economic growth, etc. This fact proves that financial development can be achieved through savings throug h establishment of proper banking system in the country, which in future would lead to elimination of poverty (Kapoor, 2011). Retail banking is not a fresh phenomenon in the country. It was prevalent in different forms previously, but in the last few years a phenomenal change has been seen and demand towards mainstream banking has increased. Retail banking is mainly facilitating the rural segment of the country and assisting them with loans for durables, educational loans, auto loans, etc. In the recent past it has been seen that the retail credit has been the major source of profit for the banks, which comprises of around 21.5 percent of the total outstandings. There are certain drivers which lead to the growth and development of retail banking in the country. Firstly, consistent increase in the purchasing power of the consumers and for economic prosperity. Secondly, the changing demographics of the consumers and vast potential of quantitative and qualitative consumption of the pop ulation was another reason for the growth of retail banking in the country. Thirdly, the demand for convenience banking increased due to the usage of mobile phones, internet, etc. fourthly, retail business has become good sources for profit maximisation. Lastly, declining level of interest rates is also the cause of growth in the retail credit, though the generation of demand for credit (R. Kapila, and U. Kapila, 2007). Retail banking is however, considered as a new concept because the functions within the banking framework were not segregated as retail, wholesale or corporate banking. Retail banking in modern terms comprises of asset based services and products, financial services that are designed for individual consumption or use. The concept of retail banking has been widespread with the increasing market share of private banks in the banking sector of India. Retail banking caters to the banking needs of the individual customer (Shrivastava,  Pandey,  and Vidyarthi, 2007). T he products that banks consider under retail banking are housing loans, education loans, car loans, personal loans, saving bank accounts, recurring deposit accounts, etc. The Indian retail banking system has seen a dramatic change over the last few years. It has evolved drastically from traditional debt averse, middle class mindset, to modern loan-taking, and risk inclined mind-set. In order to keep up with the latest trend of changing mind-set of the

Camping in the Deep Woods to Sleeping in a Motel Essay

Camping in the Deep Woods to Sleeping in a Motel - Essay Example Now keeping your daily life in mind if given a chance to spend a vacation either camping in the forest or a trip around the city with getting yourself a room booked in a perfect motel, what will you choose? Now, this is a question of choice rather than comfort. Some might say that there is no point in putting yourself in danger and camping in woods when one has a decent option of living comfortably in a motel while others might say that there is nothing new in getting yourself a room in a hotel why not try something different and adventurous. So it really depends on person to person that what choice they make but everything comes with a price and so does each of them. Both the options have their pros and cons, which are discussed in the following paragraphs. Camping in the deep woods might sound very interesting and adventurous but it is not a very practical idea especially if one is with his/her family. First of all, you need to have all the required equipment for it and mind it that such equipment is not that cheap so a person who thinks about camping once in his life he may think that there is no point in wasting money in buying such stuff which will not be used that often. Moreover, if a person does have the camps and everything then they should be experienced enough to know how to make it stand so it does not fall off by the gist of wind! Sometimes you do need professional help in such kind of activity and if you are going on a holiday where you have a tight budget then you cannot afford to hire expert help. Compared to this, living in a motel can be simple but not necessarily cheap (depending on the standard of the motel) because they're all you have to do is get yourself a room and pay for it.

Importance of Administration Essay Example | Topics and Well Written Essays - 500 words

Importance of Administration - Essay Example According to Richard Daft, planning is the making and setting of attainable goals. These goals can be attained by performing excellent series of activities. And before they can set any activity in its actual performance, they must first breakdown the activity into different manageable tasks. They may use an appropriate project planning tool in order to study and manage the activity critically. In addition, in organizing, the managers will develop the structure of organization, acquire and train human resources and establish communication patterns and networks to provide a better working atmosphere. If they see that the present structure is not efficient enough, they must conduct a skillful study to make it more suitable for all employees. It is impossible to do the activity without highly skilled workers; that is why they need to acquire people and train them. In giving also the assigned tasks to the workers, managers see to it that the given tasks are appropriate to their capability . Further, the managers lead their workers; influence them to use their full potentials. Finally, as the activity is going on, they must see to it that the status of both the activity and workers' performance are targeting their goals and they make corrections as needed.

Highway Design Individual Project Essay Example | Topics and Well Written Essays - 6500 words

Highway Design Individual Project - Essay Example And, in the same formula, it was also required to ease the transportation with widening of the various roads consisting possibilities of heavier and frequent traffic in near future. Better public transport will encourage more people to use it. But the car will remain important to the mobility of millions of people and the numbers of people owning cars will continue to grow. So we also want to make life better for the motorist. The priority will be maintaining existing roads rather than building new ones and better management of the road network to improve reliability (A New Deal for Transport: Better for Everyone 1998) Hereby, we proceed to a supposed intended plan for widening of A511, which is a 34 Km road joining the towns Coalville,  Ashby-de-la-Zouch  and  Burton upon Trent. While private transport is quite regular over this route, there are increasingly adding heavier transportation vehicles. And, as it passes by outers of many crowded locations, it becomes an easier choi ce for industrial and heavier transports too. Pertaining to those conditions, a plan for turning A511 into a dual lane (D2AP) seems quite appropriate and essential. Before proceeding to the designing phase, we take out a look at the positioning factors and parts of A511 falling in numerous townships. Thus, before we move forward to plan a refurbishment structure for A511, we have to analyze its various sectors, their relevance and their distinguished features to come up with a clear view of the route, its utilities and essentialities during its refurbishment and widening. Also it would be required to separate the route into its junctions and crossings to clear out a scenario for policies and conditions to be applied. 2. Site Investigation Geography and sectors of A511 1. Starting from junction at M1 motorway, passing by B585 and A447, A511 moves towards B5006 while going towards Burton Golf Club. 2. It passes from besides the Burton Golf Club and crosses A5121 further. 3. Ahead, mov ing by A38 it leads towards Harningglow. 4. From Tutbury it takes a sharpe 90? turn to add into A50. Fig. 1.1 5. Route A511 ends in the junction at A50 which falls in between Uttoxeter and Derby. (See fig. 1.1) For a refurbishment plan, we must first dissociate and focus on A511 in number of partitions. There are some basic differences from each partition for an overall further planning. Sr. No. Section Details 1. Junction at M1 Industrial and farming neighborhood. Mostly the task here includes the connection of A511 to M1 motorway that will require a widening of the joining section and making proper ways for diverting traffic. 2. M1 to A42: This part reaches to the town of Coelville. Mostly the traffic will contain the diverted vehicles that come from the M1 Motorway. However, less intra-town traffic is supposed for it consists only incoming road to Coelville. 3. A42 to Burton upon Trent town: The connecting parts to A511 to Burton Bridge must be met during the basic widening. Also , this same part is supposed to contain the intra-town traffic from Coelville to Burton. Thus, frequent travelling is supposed. 4. Burton upon Trent to A38: This portion will include the intra-town traffic coupled with the inter-town traffic. A heavier traffic is supposed to rush over this part. And, because this portion falls in town, the development of sufficient and standard pavement will also be essential. 5. A38 to Tutbury : During

Gun Control Essay Example | Topics and Well Written Essays - 500 words - 1

Gun Control - Essay Example They argue that it would assist them in fighting for their security. Opponents present with arguments that increased availability of guns would result in the falling of the weapons in the wrong hands and would therefore bring harm rather than benefit to the nation. The subject of gun control remains controversial in the United States and different rulings and researches have been conducted with regard to the matter of gun control. According to the National Vital statistics many people succumb to injuries resulting from guns and the data from the year 2001 alone highlighted the fact that 11,001 people lost their lives owing to firearm shots from criminals. In the same year, 16,455 people resorted to suicide by using guns. The great number of fatalities that result due to firearms has led to the marking of guns as the second death causing reason in the United States. Furthermore, it has been seen in the history of the country that many great figures have lost their lives due to firearm injuries. The killing of Martin Luther King Jr. and Robert F. Kennedy who were killed in the year 1968 uphold this fact. Despite of these findings, an interesting finding that has been presented is that the number of people who die to due firearm injuries has reduced after the year 1993 owing to the relaxation in gun control laws following this year (Gold 2004; Valdez 2003). The first and the most important ruling with regard to gun control got passed in the United States in the year 1939 by the Supreme Court of the country. According to the ruling the possession of firearms was restricted and personal firearms were not to be issued. The ruling has been subjected to many arguments since that time and it has undergone many changes since that period. Opponents of this ruling use the Second Amendment in their favor as according to this Amendment, "A well regulated militia, being necessary

Good vs Evil in Dr Jekyll and Mr Hyde Research Paper

Good vs Evil in Dr Jekyll and Mr Hyde - Research Paper Example Great people are involved in bad things this is the fact of live, yet this does not make them evil (Stevenson pp 28-75). Using the central characters and the key theme of the duplicity of mankind Louis Stevenson strategically clears the air on the broad theme of good and evil in the book. By use of the character of Dr. Jekyll, the author explains ‘good’. Mr. Utterson who is a lawyer based in London also an old friend of Dr. Jekyll; he has the quality of being loyal to his friends and also concerned about Henry Dr. Jekyll. With this loyalty, he asks him about his pal Mr. Hyde whom he had left his luggage in his will (Cresser N.P). "You know I never approved of it," said the doctor. Mr. Utterson believes that the doctor bed them by lies possession to a man whom he meet but rather than being annoyed. Dr. Jekyll he shows concern like a true loyal friend would have, from Mr. Utterson view he explain and also offer an honest and fair narrative role though this can be ironical for it is directly intertwined to his profession of a lawyer (Dury pp 2-4). Dr. Jekyll and Mr. Hyde are depicted as an examination of the duality of human nature. This is expressing in the revelation that, Mr. Hyde is Dr. Jekyll only transformed into a personification of Dr. Jekyll characteristics. In the pursuit if his scientific experiments and validating his work, Dr. Jekyll claims â€Å"man is not truly one, but truly two† therefore according to Dr. Jekyll’s opinion, every soul contains elements of both good and evil but is evil inside of him. As a highly respected member of the society and also an honorable Victorian gentleman, Dr. Jekyll cannot fulfill his evil desires. To satisfy and also separate the two parts he has to work to come up with a way to alienate it from his soul free his evil characteristic (Linehan pp 46). Dr. Jekyll can be considered as a complete composite because he has a mixture of good and

The News Director of a Local Television Station Term Paper

The News Director of a Local Television Station - Term Paper Example In this regard, effect on viewers and story ratings are essential concerns to consider in deciding on the lead story (Harcup, 2009). In the scenario presented, there are two cases of a possible lead story. The first one relates to the city park and the council’s decision to close it three days a week. The second one relates to the death of the celebrity. While the park is associated with greater viewer effect, the celebrity’s death comes with bigger ratings. Even though both are important, the celebrity’s death makes a fundamental lead story. This is because death is an eventual occurrence while closure of the park is not. There must have been follow-up events on the news in relation to arriving at the decision of closing the part for the said three days. On the other hand, celebrities are crucial social icons that are great regard to different people. Also, the ratings would not be realized in the absence of creating significant viewer effect. In the making of l ead stories, the viewer effect or the rating achieved are fundamental but not primarily the only concern for journalists and their media houses. There are other after-story concerns that emerge every time a lead story is done. Just like any other business, media houses have financial objectives and goals to achieve. They have to generate revenues in every aspect of their business aspects. To do so, they have to relate all variables that affect the leads story ad further account for the impacts thereafter. The main concern is to create a name for the media house in every aspect that touches on the society as a whole. The city park may is likely to be of much significance to the residents of the city. The death of a celebrity is of national and international concern, making it the most favorable leads story between the two. On the same note, the media houses are likely to have the celebrity’s death as their main story during that time, following up the unfolding events therein. Disregarding this aspect relative to the likely regard that the celebrity may hold in both national and international contexts would not be addressing viewer concerns. Over and above this, the success of a lead story and the media house at large in realizing viewer effect is as much as significant as a bigger rating. It is important to account for all-round media variables when deciding on the lead story, other than just being oriental to the greater effect on viewers (Harcup, 2009). Part Two Television and movies are essential components of social design and development. Regard for television and movies vary across individuals, with one thing being commonly evident; interest for television and movies. In the television and movies context, culture is a diverse and dynamic concept. Variables that define culture vary, but aspects of culture are always evident. Culture is reflected in television and movies in unaccountable ways. However, the most common ways through which culture is r eflected in this regard can be condensed to constitute a few significant and notable ways. Themes of televising and movie making serves as a medium through which television and movies reflect culture (Miller, 2003). Movies must account for some theme, and so do the television. Themes are essentially the central variable focused on in television and

Lives of the Saints Essay Example for Free

Lives of the Saints Essay In Shakespeares Hamlet and Nino Ricci’s Lives of the Saints both demonstrate different visions of women. Comparing weak and indecisive women in Hamlet as to strong and independent women in Lives of the Saints. Ophelia in Hamlet is characterized many times as a weak women especially in the quote, â€Å"frailty thy name is woman.† She is completely dependent on her father and proves her dependence when she acts cruel to Hamlet. Which goes against her true feelings toward Hamlet. Afterwords Ophelia agrees to not see Hamlet anymore, â€Å" I shall obey my lord.† Which shows Polonious’s control over his daughter. Ophelia’s actions show that she will do anything to please her father, even making a personal sacrifice which she doesn’t agree with. Ophelia’s desire to please her father leads her to be used as a puppet in order for the King and Polonious to spy on Hamlet, Ophelia’s willingness to spy on a person she truly loves, shows her true nature toward her father. Even when Hamlet harasses Ophelia and tells her to go to a nunnery, Ophelia had the inability to defend herself. When her father passes on, Ophelia is left by herself, with no one to give her guidance. Instead of trying to move on with her life, she calls for her brother hoping he will have a plan for her, â€Å"My brother shall know of it and so I thank you for your good counsel.† Polonious’s was irreplaceable and finally Ophelia realizes this â€Å" I would give you some violets, but they withered all when my father died.†The significance of the violets are that they symbolize faithfulness and they all died because she felt useless without her father. Ophelia’s death is in result of her dependence and weakness of character.Overall, Ophelia goes mad because she has no position in society. Men have continuously ordered her around, used her, pulling her mind in every direction. She put her faith in one person and never made her own decisions. Similar to Ophelia is Gertrude. She is also characterized by the quote, â€Å"frailty thy name is woman.† Gertrude depends on her husband. Gertrude longing for the attention that she loses when her husband dies, quickly marries Claudius, her husbands brother. Shakespeare displays that women have no back bone and our weak. As if they could not live with out others, men especially. Nino Ricci demonstrates a whole different side of women, he shows that women are strong and independent. The character that illustrates these qualities is Cristina, she raised her child Vittorio alone. Unlike the women in Hamlet, Cristina didn’t need a man to help her raise her child or to get through life. When her son gets beat up at school, she doesnt just ignore it. She takes physical action about the situation Ill make her pay for this, Vittorio, youll see, by the blood of Christ Ill make her pay. The wiping at some tears in her own eyes, she took me suddenly by the hand and marched me out the door into the street. (107). Cristina is defiantly not a pushover and stands up for what she believes in. She lives in a village where the women stay at home and the men work out in the field and everyone believed in strange superstitions. Cristina was against her village’s expectations and went against what everyone thought. Cristina is outspoken and self-assured. She has a feminist point of view and is vey confident in it, she says â€Å" He’s probably slept with every whore in America by now, but for me its a disgrace. (154)†. Cristina is explaining about her husband Mario but it is also a statement in general about men. Guys can go around going from girl to girl to girl and its not a problem. But if a women were to do the same thing, even if it was just with one guy its an absolute disgrace. This book was based in 1960 and the same sentence could apply to 2012. Also has significance to the text because she had an affair and the whole town found out, which then they treated her with disgu st. Cristina also states â€Å"Women have had their faces up their asses for too long, they let their men run around like goats and then they’re happy if they don’t come home and beat them! (154)† It is demeaning that women are seen as whores when they have affairs, especially when its said by other women. They’re oppressing their own gender when saying it. She finally decides to move away and says her final words to the village â€Å" You are the ones who are dead,not me, because not one of you knows what it means to be free and to make a choice, and I pray to God that he wipes this town and all its stupidities off the face of the earth! (184)† Most women wouldn’t have spoke there mind, especially a woman like Ophelia or Gertrude. Cristina constantly fought with her father and always disagreed â€Å"Long arguments were carried on daily between kitchen and bedroom, tension hovering around.(154).† She finally got fed up with living with her father and hearing his opinion she said â€Å" Then to hell with all of you! I’ll go to Rome, Naples, anywhere.† She had the courage and strength to leave her father and start a life somewhere else, mean while Ophelia couldnt last a couple days with out her father and killed her self. Nino Ricci illustrates women to be outspoken, independent and powerful. In the end of each story both women characters die. The difference is the way they lived their life. Cristina at least lived her life, standing up for what she believe in and having her own opinion. As for Ophelia lived a lie, as she was a spineless imbecile always doing what others told her to do and had a pathetic death. Shakespeare and Nino Ricci may have very different vision on women but at the same time they are both very accurate views.

Emerging Real Estate Market in Mumbai

Emerging Real Estate Market in Mumbai Introduction: India has firmed up its place in the world business space prompting global business houses to sit up and take a fresh view on India as a business and investment destination. In the last two years, Indian economy has grown well despite nature’s fury or other global adverse events. India is fast establishing itself as an alternative to China in a variety of sectors, particularly IT-ITES, manufacturing, and real estate. The most spectacular resurgence has been that of the real estate sector, which is back in business with a bang. New projects, superior quality product, new growth corridors, increased infrastructure spending, falling cost of finance and interest, and growing capacity of common man in the key reasons behind the steady growth in real estate market. With stock market being highly volatile, investment in real estate has begun to look attractive and competitive with typical yields of 10-12% per annum are achievable, even though specific return is always linked to property specific factors, dynamics of real estate market and the overall economic performance. Real estate is fast turning out to be a compulsive investment bet as compared to other investment vehicles such as capital and debt markets, bullion market etc. It attracts investors by offering a possibility of stable income yields, moderate capital appreciation, tax structuring benefits and higher security being tangible asset. With these prime factors there are several micro factors responsible for the returns on investment and those are location of the property in macro and micro context, the usage of property, the quality of tenant, the capital value and achievable rental, the prevailing structures of property tax and stamp duty. The study includes the macro economic factors that make India a favourable investment destination. The purpose of the study is to give a comprehensive overview of the emerging Real Estate market of Mumbai. Today’s market is at a stage of ambiguity so a detailed study is required in this respect. In the final report detailed analysis will be carried out by fragmenting the market into Residential, Commercial and Retail space. An overview of each of these markets is included in the current report. The study will also include what are the various financing options in the emerging markets currently. A detailed survey will be carried out for the final report based on a questionnaire and will be send out to the various players ( Private Equity funds, Domestic Financial institutions, Local Real Estate Developers and Property Consultants to assess the various options available for Fund raising. Currently an introduction is also included on the same. Characteristics of the Real Estate Market in India: With reference to the availability of infrastructure facilities, following cities are currently attracting MNCs/corporate/real estate developers: Tier I cities, Mumbai (Commercial hub), Delhi (Political hub) and Bangalore (Technological hub): Preferred option for many new market entrants Command the highest international profiles and significant proportion of FDI Offer qualified labour pool and the best infrastructure facilities Exhibit development of sub-urban commercial real estate Yield of 9.5 – 10% (Real Estate Sector – The India Story Submitted by Miss Sonia Sahni Asst Manager Corporate and Investment Banking, ABN AMRO Bank, Nariman Point, Mumbai) 2.0 Macro-Economic Factors India: Background of the Economy of India during 2008 and early 2009: Last year 2008 was quiet a setback for the real-estate sector in India after the boom of the previous three years where the property market registered a return of more than 30-40% every year. The sector had faced a down trend where the property prices corrected by over 30%. This was due to the sub-prime crisis in the United States and also the correcting Capital Markets and bankruptcy of the MNC’s and the Banks. This resulted in loss of liquidity and hence a fall in demand. In August 2008 the inflation reached as high as 13% which forced a knee jerk reaction from the RBI (Reserve Bank of India) to cut the cash reserve ratio, the repo and the reverse repo rate which warranted the Banks to lend less and as a result of the further shortage in liquidity the real-estate market took a plunge. However, the economy has recovered by leaps and bounce and which is reflected by the chart below: Sam Mahtani, emerging equities manager at FC, is confident on Indias economic prospects. Over the next 10 years, UBS estimates economic activity in India will increase by around 8.5% a year, a rate comparable with China and beyond the global average. We think that this growth rate could be achievable if Indian policymakers start to undertake structural reforms in the economy. Over the next five years, the government is committing an estimated US$500 billion to road, rail, port and other vitally needed upgrades. If the right legislation is put in place and managed effectively, this could represent the springboard for long-term economic growth rates in excess of Chinas†, he believes. GDP of India: The chart shows that the GDP growth rate of India and China are far ahead than any other country in the world. This shows that the standard of living in the country is high. GDP reflects the total income, the total output and the total expenditure of the country. The economy of the country is the twelfth largest in the world as per the recent market exchange rate and it is ranked number four as per purchasing power parity. It is the 2nd fastest growing economy in the world. The service sector of India contributes more than 50% to the GDP and real-Estate sector is the third largest among it. Mumbai is the sole largest contributor to the national GDP and the economics of Mumbai further supports the fact. The above figure shows the long term growth rate of GDP of India against the Developed counties of the World. Economy of India (mid 2009) and its impact on Real Estate: However the economic condition of the country has improved in the last year. This was a great precedent for the Real-estate sector in India and especially Mumbai. It has always been witnessed during recession that the financial cities of the world take the hardest hit but on the other hand recovery is quickly as well. The inflation rate in India is 0.30% on 1st December 2009. The CRR is 5% and repo rate is 4.75% and reverse repo rate 3.25% which is commendable and which has increased liquidity in the market and as a result of this the property prices have gone up in the country. The stock market has recovered exceedingly well and it had an almost 50% rise than the last year’s index. This has further increased the confidence amongst the analysts and the investors. In Mumbai the property rates have accelerated and it is not far behind the rates which were witnessed during the boom period. Mumbai has seen a constant price in the property prices since mid 2009 due to the strengthe ning of the economy. Source: CBRE report 2009 By 2030 India will need up to 10 million new housing units per year. Rapid population growth, rising incomes, decreasing household sizes and a housing shortage of currently 20 million units will call for extensive residential construction. The financing of owner-occupied housing in particular holds out enormous market potential. (Deutsche Bank Report May 8, 2006). Population in India: India is the 2nd most populated country in the world at present after China. However, as per the numbers projected in a United Nations Report states that the Indian population would be more than the Chinese population by 2050. (Population of India is also set to take over China by 2050 as per the UN report.) 1.0 MUMBAI – OVERVIEW: Mumbai, the capital city of the state of Maharashtra, is the one of the largest metropolis in India. Known as the financial capital of the country, the city contributes almost 5% of India’s GDP. It is a multi-functional city with a vast array of economic opportunities, which has resulted in attracting a large migratory population from all over. The city sports a highly cosmopolitan environment with an intricate urban structure. Mumbai has long been home to several large multinational companies and is invariably the first choice for a new organization entering India. Demographic Pattern: Greater Mumbai accounts for 13% of Maharashtra’s population and 1.2% of India’s population[1]. The rate of growth of population has gone down but has been higher than the growth rate of Maharashtra. Source: Census of India Over 1901-71 period, the population in the island city was steadily increasing and was more than that of the suburbs. However, during the last 3 decades the population growth in the island city has been negligible whereas that in the suburbs is increasing at a rapid rate. Among the suburbs, the western suburbs (ward H, K, P and R) are more densely populated than the Eastern suburbs (ward L, M, N, S and T). The following graph indicates the projected population growth in Greater Mumbai. The above graph further illustrates that the population of Mumbai is set of increase manifoldly, as against the other Metros of the country. 2.0 MUMBAI REAL ESTATE MARKET OVERVIEW: The island city of Mumbai is the commercial capital and economic growth engine of India. Originally composed of seven small islands, land reclamation and infill carried out during the 18th and 19th century integrated these islands into a continuous peninsula (Deshpande and Arunachalam,1981). Beginning as a seaport on the west coast of the Indian peninsula, Mumbai has steadily diversified its economic base to include value-added manufacturing and financial services. The country’s central bank, the Reserve Bank of India and two of India’s largest stock exchanges, the Bombay Stock Exchange and the National Stock Exchange are all located here. Mumbai accounts for one-tenth of factory employment and value-added manufacturing, while the port handles more than one-third of the total value of foreign trade (Deshpande, 1996), making the Brihan Mumbai Municipal Corporation one of the richest, with a budget of more than USD 1.2 billion (Mohan, 2003), exceeding the budget of nine S tates and Union Territories of India. This economic growth is sustained by and in turn, drives the steady influx of migrants from rural and regional centres of the country. Consequently, the Mumbai Metropolitan Region (MMR) is one of the fastest growing regions of India. Its population increased from 7.7 million in 1971 to 18.3 million in 2001 (Census of India, 2001) and is projected to increase to 22.4 million by 2011(MMRDA, 1999). (Journal on HOUSING TENURE FOR THE URBAN POOR: A CASE STUDY OF MUMBAI CITY by Gaurang Desai and Madhura Yadav). Mumbai has gained immense prominence as one of the growing corporate and IT destinations in India. The Mumbai real estate scenario has been reflective of the burgeoning real estate sector of the country. The city has a mature and demand-led market driven by end users. Investors and HNIs have also been actively investing in various pre-leased properties with insurance, banking, IT/ITES, residential and retail sector occupants. Overall, there has been an increase in demand as well as supply and an appreciation in the real estate values across various micro markets in the city. Economy of Mumbai: The per capita income of the city is Rs 66,360 which is three times higher than the national income. It contributes 1/3 rd of the total income tax collection of the country. It contributes nearly 60 % of the total income generated from custom duty of the country. 40 % of India’s foreign trade. Corporate tax collection of the city is Rs 40 billion. 20 % of the total excise duty collection of the country. Mumbai Metropolitan region generates 5 % of the total GDP of the country. The island city of Mumbai is the economic growth engine and commercial capital of India. A combination of in-migration combined with a severe land shortage has resulted in Mumbai having one of the most expensive real estate in the world. As a result the city faces housing crisis with an estimated 60% of its total population living in slums, adopting multiple informal housing tenures. Property Index of Mumbai: Database:This index is based on minimum database size of 20,000 data points every month and the analysis has been drawn over a period starting Jan’09. The prices of properties are obtained across micro-markets through property listings on the website as well as based on nationwide sales force. Index Algorithm:The complex algorithm takes into account the property prices as base and then factors in the demand and supply of residential properties for each of the cities covered by it. Care has been taken to give weight age to cities in line with the size of underlying property market. (Makaan.com) The Real-Estate market of Mumbai can be divided into three types- Commercial Residential Retail Mall 4.1 Commercial Real Estate Market: Mumbai’s commercial market is divided into its traditional business districts and the recently developed business addresses. The Central Business District (CBD) of the city is located in South Mumbai and comprises of: Nariman Point – Often said to be the ‘Manhattan of India’, Nariman Point has traditionally been the most attractive location for international companies, in particular international investment banks, insurance companies and consulting firms. The areas concentrated within a radius of 1.5-2 km around the CBD are termed as the off-CBD locations, which include: Churchgate /Fort/ Fountain – This district has traditionally housed the city’s Business and Government establishments. It also houses numerous National and International Banks. Cuffe Parade – Primarily an up market residential area with a host of high-rise buildings. Some notable commercial buildings like the World Trade Centre and Maker Towers are located here. Ballard Estate – A prime commercial area where the buildings have European Renaissance architecture. The off-CBD business centres of the city have expanded to include a number of areas mostly oriented towards central Mumbai: Lower Parel: This industrial belt of Mumbai is transforming itself into a commercial hub of the city. This area is being developed on what used to be the textile mills. With mill land being freed for commercial, retail and residential development, the Lower Parel area will see massive supply of space. Currently, there are a number of retail, entertainment and advertising companies located in Lower Parel. High Street at Phoenix Mills is the most prominent retail development in this region. Worli-Prabhadevi: The Worli–Prabhadevi area has been a conventional stronghold of number of corporate offices. Besides, there is also the presence of two malls – Crossroads and Atria, in the stretch. The ongoing Bandra-Worli sea link is expected to give a further fillip to this area. The Suburban Business Districts (SBDs) of the city comprise of the following locations: (Image of the Bandra Kurla Complex) The Bandra-Kurla belt: The Bandra-Kurla Complex (BKC), which has been developed as an alternative business district to the CBD, has attracted a number of corporate. ICICI, National Stock Exchange, Wockhardt and ILFS are some of the important corporate located here. The Andheri-Kurla Belt: This area is also an upcoming location of choice for IT/ITES companies, banks, insurance companies, etc. Some of the sought after Grade ‘A’ buildings in this belt are ‘Technopolis’ and ‘Solitaire Corporate Park’ where a number of corporate are relocating. The Malad-Goregaon Belt: The Malad Goregoan belt has become the preferred destination for IT/ITES companies due to the availability of large floor plates at competitive rentals. The superior quality of buildings offered at MindSpace is another motivating factor for technology companies looking for world-class amenities to come here. The Powai Belt: Another suburb, the Powai belt is scoring well on the IT/ITeS front. The pricing in rental terms is similar for Powai and Malad. There will be 600 new shopping centres by 2010. India’s burgeoning middle class will drive up nominal retail sales through 2010 by 10% p.a. At the same time, organised retail is becoming more important. At present organised retail accounts for a mere 3% of the total; by 2010 this share will already have reached 10%. (Deutsche Bank Research 6 may,2006) The Peripheral Business District (PBD) of the city consists of: Navi Mumbai: Navi Mumbai is being developed as a counter magnet to Mumbai, with the basic objective of curbing further congestion in the city. The potential target audience, apart from the existing residents, arises from the 40,000+ IT/ITES industry workforce travelling to Navi Mumbai daily. Consequently, the government has undertaken a number of initiatives to promote further development of IT ITES sector in Maharashtra state. These include formulation of a progressive sector-specific policy, development of IT parks and development of the â€Å"Knowledge Corridor† between Navi Mumbai and Pune. Sector 17 of Vashi and CBD Belapur were developed as the prime commercial areas for Navi Mumbai. A number of corporate have moved to Navi Mumbai, the largest amongst them being Reliance Industries. Millennium Business Park at Mahape and Airoli Knowledge Park at Airoli, developed by MIDC houses several IT/ITES companies like Aptech, CMS computers, Datamatics, Mastek, TCS, Patni etc 4.2 Residential Market Scenario: Residential real estate in Mumbai is today amongst the most expensive in the country. The key residential areas in the city are as follows: The south and central locations of the city like Colaba, Napean Sea Road, Worli, Breach Candy and Pedder Road are the most preferred locations for leased accommodation for the senior and expatriate staff. Amongst the key suburban locations, Bandra and Malad in the northwest and Powai in the northeast are equally preferred due to proximity from the emerging commercial/office locations. Other suburban residential micro-markets of Andheri, Goregaon and Mulund also fall in the preferred category. In fact, these areas are witnessing fresh construction activity with projects from prominent residential developers like K.Raheja, Oberoi Constructions, Royal Palms and the Runwal Group. Luxury housing projects, which have been traditionally concentrated in South and selective Central Mumbai locations, are now being planned in the suburban regions like Malad as well as peripheral districts. Currently, a number of IT/ITES companies have located there. The Central Mumbai belt consists of areas such as Mahalaxmi, Lower Parel, Worli, Parel,Byculla, Chinchpokli, Sewri, Wadala, Dadar, Matunga and Mahim. The micro markets of Worli are currently established markets and command a premium over other central Mumbai pockets. The current ongoing rates in Worli vary between Rs. 25,000-30,000 per sq. ft. Lower Parel is fast emerging as a residential and commercial destination, with additional supplies expected from the mill lands. 4.3 Mumbai Mill Lands: (Image of an old Mill in Mumbai) Bombay had first developed as an industrial city through the growth and expansion of the cotton textile industry from the late nineteenth century to the nineteen forties. Now known as the Mill Lands, the textile industry was located in the central districts of the Island City. After World War II and Independence, to the fifties, sixties and seventies, the industrial base of the urban economy diversified into petroleum and chemical production, and then into petrochemicals, pharmaceuticals, consumer goods and engineering industries. These new industries were mostly located on the eastern fringe of the Island City, in the Eastern suburbs, and in the seventies and eighties expanded to Thane and its surrounding district, as well as the Thane-Belapur belt flanking Navi Mumbai. Till the late seventies, the Cotton Textile Mills were booming with activity but in 1982 things changed. The unorganized Powerloom sector had taken over and it was becoming uneconomical to maintain large-scale industrial units within the city limits on account of high power and Octroi costs. Moreover, the 18-month long crippling strike by the mill workers proved to be the final nail in the coffin. All this led to huge losses and the running of the Cotton Textile Mills became unviable. Several mills were declared sick and a few even shut down their operations. Only a few managed to survive. The total area occupied by all the mills put together is approximately 605 acres (2,446,278.39 sq. mt.) There are three categories of ownership of the mills, namely, National Textile Mills (NTC), Maharashtra State Textile Corporation and Private Owners: 4.4 Mumbai Port Trust Land: The proposed release of Mumbai Port Trust (MbTP) land could change the face of the eastern waterfront in Mumbai. MbPT has about 40 acres of surplus land of which a substantial portion is on the environmentally sensitive eastern waterfront (areas such as Sewri, Wadala). Large tracts of MbPT land had been leased out to private companies, several of whom have shifted their facilities to other areas, but continue to maintain a token presence on the leased land. With the construction of Trans- Harbour Link and the Special Economic Zone at Dronagiri this land is expected to turn out into a virtual goldmine. The MbPT policy for commercial utilization of this land has been awaited for several months since the new board of trustees were not constituted. Now with 17 of the 21 trustees in place, the process of formulating the policy has been set in motion. The subcommittee is expected to unveil a plan of action when MbPT board meets on August 9. Besides the above, there are some Port Trust plot that are being released in the market. These include a 28.39 hectare (approx. 70 acres) plot at Titwala, vacant lands in isolated pockets totalling to 5.17 hectare (approx. 14.5 acres) and a slum-encroached plot measuring 6.77 hectare (approx. 17 acres) on the eastern waterfront. Floor Space Index (FSI): FSI stands for Floor Space Index. Municipalities and Government’s allow only a certain amount of FSI. Otherwise there are possibilities of sky scrapers been constructed in narrow spaces that would be leading to parking and various other problems like the one existing in downtown Manhattan. In Mumbai, FSI was first introduced in 1964 and the value than was 4.5 times. Over the years there were several changes made to the rule which depends broadly on the leading Municipal Corporation and the State Government. With an average of 2.9 m2 per person, the consumption of residential floor space in Mumbai is one of the lowest in the world. More than 50% of the city’s population lives in slums. This type of record would be expected from a city in a desperate economic situation. However, this is not the case. Mumbai is a prosperous city with an expanding economy. (Mumbai FSI conundrum: The perfect storm: the four factors restricting the construction of new floor space in Mumbai – By Alain Bertaud 2004). The very low consumption of floor space coupled with very high real estate prices would suggest that a number of supply bottlenecks might be responsible. By comparing Mumbai to other metropolis in Asia it appears that indeed 4 factors are exceptional and contribute to the very low supply of floor space: An exceptional topography that reduces the amount of developable land; A draconian and ill-conceived land use policy restricting the area of floor space which can be built on the little land available. Muddled property rights preventing households and firms to freely trade land and floor space as a commodity; A failure to develop major primary infrastructure networks, which prevents the city to overcome its topographical constraint. In turn, the weakness of the infrastructure network is used to justify the restrictive land use policy. (Alain Bertaud July 15th 2004). Comparing Mumbai to other similar sized Asian cities, (Bertaud 2004) found that within a radius of 25 km from the city centre, sea and water bodies occupy 66% of the total area for Mumbai while it was 22% in the case of Jakarta and 5% for Seoul. Cities with such extreme topography often compensate for the lack of land by allowing the height of buildings to be increased. In the case of Mumbai however, this is not the case. While the Floor Space Index (FSI) in most large cities varies from 5 to 15 in the Central Business District (CBD) to about 0.5 in the suburbs, in Mumbai the FSI remains uniformly fixed at 1.33 for the Island City and 1.00 in the suburbs (Alain Bertaud, 2004). (The above map shows the different FSI values in the city.) Transfer of Development Rights (TDR): A cartelisation of Mumbais real estate, one of the costliest in the world, in the matter of transferable development rights has put upward pressure on prices and has also caused concern in policy circles. In case of Mumbai, TDRs were used initially to compensate plot owners whose development right was restricted due to some public programmes like widening of roads etc. Later this was used for compensating owners of Heritage buildings who could not develop their lands. More recently they have been used in case of Slum Redevelopments where additional development rights could not be consumed on a plot due to over density reasons. There are also talks about using TDR for redevelopment of old buildings. Another detail about TDR is that it can be only used in the same or northern ward of the generating plot Hence you could see sudden additions to suburban buildings that have high property value.However, it also led to haphazard and unplanned development in the suburbs. There was an increased the pressure on suburban infrastructure. In a recent development, just six-odd builders and developers hold 70 per cent of the 2.5-3 million sq ft TDR available. The price of TDR has also surged to Rs 2,500-Rs 3,000 per sq ft from Rs 800-1,000 sq ft in the past six months. Realty sector experts in Mumbai cartel had meant a rise in TDR prices practically every month. The development is a sequel to a 2008 order of the High Court here, which stayed a state government decision to allow 33 per cent extra building rights (measured as more of Floor Space Index, or FSI, the ratio of what can be erected on a plot of land to its area) in return for more premium. Nainesh Shah, executive director of Everest Developers, argued that TDR rates can be brought down only by an increase in the stock of land and the government are the only entities that can make this happen. More land needs to be released, Ashutosh Limaye, associate director, strategic consulting, Jones Lang LaSalle Meghraj, saidâ€Å"TDR trading follows the open market principle. For areas that are popular and in demand for real estate development (Bandra, Chembur, Vile Parle, etc), land prices is high and it makes sense to buy TDR even at a higher rate†. However, A Vile Parle-based activist and former builder, Bhagwanji Raiyani, filed a Public Interest Litigation in the Bombay High Court asking for a total ban on TDR, following which the court in an interim order banned the use of TDR along the Eastern and Western Express Highways and the Eastern and Western suburban railway tracks. In the recent times, the government is considering a proposal to increase floor space index (FSI) in the suburbs to two without taking the transfer of development rights (TDR) route. Under this, for example, a builder involved a slum project in Trombay gets the nod to transfer development rights to the north of the rehabilitation site. Because of this policy, the suburbs are witnessing the construction of tall towers, which use TDR. There has been a 100% rise in property prices in Mumbai, Thane and other places, primarily because of the high cost of TDR. If a builder buys TDR at Rs 4,500 per sq ft, he will have to add another Rs 4,500 per sq ft towards the cost of land and construction. This forces him to sell flats at Rs 10,000 per sq ft even in a distant suburb like Mulund, which is an absurd rate. No wonder there is tremendous consumer resistance. Around 50% of the flats remain unsold because the prices are beyond an average buyer’s reach,’’ (Subhash Runwal, former office-bearer of the Maharashtra Chamber of Housing Industry, reported in Times Of India). The demand for FSI is 10 crore sq ft per annum in the suburbs. If the government sells this at even Rs 2,500 crore, it can generate a whopping Rs 25,000 crore annually. Half of this revenue can be used for improving infrastructure in the suburbs and the rest for development work in the rest of the state†. The Golden Question: How to design new FSI and TDR values for Mumbai? Design a spatial land use strategy based on current land values and future investments in transport (bridges, highways, metro, BRT). Identify high accessibility nodes. Divide the existing and future built-up areas into land use zones based on accessibility and on existing character of the area; Identify and map the historical areas and natural areas that need to be protected, those that should not be redeveloped, and where the new FSI will not be applied; Design regulations (FSI, % lot coverage, setbacks, etc) for each zone. Comprehensive plan ready and approved for the entire city No more TDRs are issued during preparation of plan, however, already issued but not yet used TDRs are honored. Progressive transition: New FSI plan prepared and approved for 2 or 3 main streets and high intensity areas around new metro stations and bridge access. New TDRs can be issued but they have to be used in the areas already mapped for FSI increase. Meanwhile the comprehensive strategy is prepared and approved. More areas for FSI increase are prepared every year and where TDRs can be used. After 2 or 3 years new TDRs are issued only for slum redevelopment and for historical area protection. The above is just a model example of how the increase in FSI would solve the Real Estate problems in Mumbai. If the Government adopt the path which has been used in downtown Manhattan than it would reduce Real Estate prices in the city, help to relocated millions of people, abolish the TDR practice and the additional space could be used to improve the lagging infrastructure of the city. 4.5 Mumbai Salt Pan Land http://infochangeindia.org/Agenda/Coastal-communities/Saltpan-city.html The proposal to use saltpan lands first emerged in 2002 when the Maharashtra Housing and Area Development Authority (MHADA) warned that it was running out of land and asked the state to release land belonging to various departments like defence, the Bombay Port Trust, and saltpan lands. In 2006, the then Union Minister for Commerce and Industries Kamal Nath and Ex Maharashtra Chief Minister Vilasrao Deshmukh worked out a formula of developing saltpan lands on a no-profit-no-loss basis. The scheme proposed allowing private developers extra FSI for commercial purposes after setting aside 225 sq ft houses to accommodate slum-dwellers. In 2007, a committee of u Emerging Real Estate Market in Mumbai Emerging Real Estate Market in Mumbai Introduction: India has firmed up its place in the world business space prompting global business houses to sit up and take a fresh view on India as a business and investment destination. In the last two years, Indian economy has grown well despite nature’s fury or other global adverse events. India is fast establishing itself as an alternative to China in a variety of sectors, particularly IT-ITES, manufacturing, and real estate. The most spectacular resurgence has been that of the real estate sector, which is back in business with a bang. New projects, superior quality product, new growth corridors, increased infrastructure spending, falling cost of finance and interest, and growing capacity of common man in the key reasons behind the steady growth in real estate market. With stock market being highly volatile, investment in real estate has begun to look attractive and competitive with typical yields of 10-12% per annum are achievable, even though specific return is always linked to property specific factors, dynamics of real estate market and the overall economic performance. Real estate is fast turning out to be a compulsive investment bet as compared to other investment vehicles such as capital and debt markets, bullion market etc. It attracts investors by offering a possibility of stable income yields, moderate capital appreciation, tax structuring benefits and higher security being tangible asset. With these prime factors there are several micro factors responsible for the returns on investment and those are location of the property in macro and micro context, the usage of property, the quality of tenant, the capital value and achievable rental, the prevailing structures of property tax and stamp duty. The study includes the macro economic factors that make India a favourable investment destination. The purpose of the study is to give a comprehensive overview of the emerging Real Estate market of Mumbai. Today’s market is at a stage of ambiguity so a detailed study is required in this respect. In the final report detailed analysis will be carried out by fragmenting the market into Residential, Commercial and Retail space. An overview of each of these markets is included in the current report. The study will also include what are the various financing options in the emerging markets currently. A detailed survey will be carried out for the final report based on a questionnaire and will be send out to the various players ( Private Equity funds, Domestic Financial institutions, Local Real Estate Developers and Property Consultants to assess the various options available for Fund raising. Currently an introduction is also included on the same. Characteristics of the Real Estate Market in India: With reference to the availability of infrastructure facilities, following cities are currently attracting MNCs/corporate/real estate developers: Tier I cities, Mumbai (Commercial hub), Delhi (Political hub) and Bangalore (Technological hub): Preferred option for many new market entrants Command the highest international profiles and significant proportion of FDI Offer qualified labour pool and the best infrastructure facilities Exhibit development of sub-urban commercial real estate Yield of 9.5 – 10% (Real Estate Sector – The India Story Submitted by Miss Sonia Sahni Asst Manager Corporate and Investment Banking, ABN AMRO Bank, Nariman Point, Mumbai) 2.0 Macro-Economic Factors India: Background of the Economy of India during 2008 and early 2009: Last year 2008 was quiet a setback for the real-estate sector in India after the boom of the previous three years where the property market registered a return of more than 30-40% every year. The sector had faced a down trend where the property prices corrected by over 30%. This was due to the sub-prime crisis in the United States and also the correcting Capital Markets and bankruptcy of the MNC’s and the Banks. This resulted in loss of liquidity and hence a fall in demand. In August 2008 the inflation reached as high as 13% which forced a knee jerk reaction from the RBI (Reserve Bank of India) to cut the cash reserve ratio, the repo and the reverse repo rate which warranted the Banks to lend less and as a result of the further shortage in liquidity the real-estate market took a plunge. However, the economy has recovered by leaps and bounce and which is reflected by the chart below: Sam Mahtani, emerging equities manager at FC, is confident on Indias economic prospects. Over the next 10 years, UBS estimates economic activity in India will increase by around 8.5% a year, a rate comparable with China and beyond the global average. We think that this growth rate could be achievable if Indian policymakers start to undertake structural reforms in the economy. Over the next five years, the government is committing an estimated US$500 billion to road, rail, port and other vitally needed upgrades. If the right legislation is put in place and managed effectively, this could represent the springboard for long-term economic growth rates in excess of Chinas†, he believes. GDP of India: The chart shows that the GDP growth rate of India and China are far ahead than any other country in the world. This shows that the standard of living in the country is high. GDP reflects the total income, the total output and the total expenditure of the country. The economy of the country is the twelfth largest in the world as per the recent market exchange rate and it is ranked number four as per purchasing power parity. It is the 2nd fastest growing economy in the world. The service sector of India contributes more than 50% to the GDP and real-Estate sector is the third largest among it. Mumbai is the sole largest contributor to the national GDP and the economics of Mumbai further supports the fact. The above figure shows the long term growth rate of GDP of India against the Developed counties of the World. Economy of India (mid 2009) and its impact on Real Estate: However the economic condition of the country has improved in the last year. This was a great precedent for the Real-estate sector in India and especially Mumbai. It has always been witnessed during recession that the financial cities of the world take the hardest hit but on the other hand recovery is quickly as well. The inflation rate in India is 0.30% on 1st December 2009. The CRR is 5% and repo rate is 4.75% and reverse repo rate 3.25% which is commendable and which has increased liquidity in the market and as a result of this the property prices have gone up in the country. The stock market has recovered exceedingly well and it had an almost 50% rise than the last year’s index. This has further increased the confidence amongst the analysts and the investors. In Mumbai the property rates have accelerated and it is not far behind the rates which were witnessed during the boom period. Mumbai has seen a constant price in the property prices since mid 2009 due to the strengthe ning of the economy. Source: CBRE report 2009 By 2030 India will need up to 10 million new housing units per year. Rapid population growth, rising incomes, decreasing household sizes and a housing shortage of currently 20 million units will call for extensive residential construction. The financing of owner-occupied housing in particular holds out enormous market potential. (Deutsche Bank Report May 8, 2006). Population in India: India is the 2nd most populated country in the world at present after China. However, as per the numbers projected in a United Nations Report states that the Indian population would be more than the Chinese population by 2050. (Population of India is also set to take over China by 2050 as per the UN report.) 1.0 MUMBAI – OVERVIEW: Mumbai, the capital city of the state of Maharashtra, is the one of the largest metropolis in India. Known as the financial capital of the country, the city contributes almost 5% of India’s GDP. It is a multi-functional city with a vast array of economic opportunities, which has resulted in attracting a large migratory population from all over. The city sports a highly cosmopolitan environment with an intricate urban structure. Mumbai has long been home to several large multinational companies and is invariably the first choice for a new organization entering India. Demographic Pattern: Greater Mumbai accounts for 13% of Maharashtra’s population and 1.2% of India’s population[1]. The rate of growth of population has gone down but has been higher than the growth rate of Maharashtra. Source: Census of India Over 1901-71 period, the population in the island city was steadily increasing and was more than that of the suburbs. However, during the last 3 decades the population growth in the island city has been negligible whereas that in the suburbs is increasing at a rapid rate. Among the suburbs, the western suburbs (ward H, K, P and R) are more densely populated than the Eastern suburbs (ward L, M, N, S and T). The following graph indicates the projected population growth in Greater Mumbai. The above graph further illustrates that the population of Mumbai is set of increase manifoldly, as against the other Metros of the country. 2.0 MUMBAI REAL ESTATE MARKET OVERVIEW: The island city of Mumbai is the commercial capital and economic growth engine of India. Originally composed of seven small islands, land reclamation and infill carried out during the 18th and 19th century integrated these islands into a continuous peninsula (Deshpande and Arunachalam,1981). Beginning as a seaport on the west coast of the Indian peninsula, Mumbai has steadily diversified its economic base to include value-added manufacturing and financial services. The country’s central bank, the Reserve Bank of India and two of India’s largest stock exchanges, the Bombay Stock Exchange and the National Stock Exchange are all located here. Mumbai accounts for one-tenth of factory employment and value-added manufacturing, while the port handles more than one-third of the total value of foreign trade (Deshpande, 1996), making the Brihan Mumbai Municipal Corporation one of the richest, with a budget of more than USD 1.2 billion (Mohan, 2003), exceeding the budget of nine S tates and Union Territories of India. This economic growth is sustained by and in turn, drives the steady influx of migrants from rural and regional centres of the country. Consequently, the Mumbai Metropolitan Region (MMR) is one of the fastest growing regions of India. Its population increased from 7.7 million in 1971 to 18.3 million in 2001 (Census of India, 2001) and is projected to increase to 22.4 million by 2011(MMRDA, 1999). (Journal on HOUSING TENURE FOR THE URBAN POOR: A CASE STUDY OF MUMBAI CITY by Gaurang Desai and Madhura Yadav). Mumbai has gained immense prominence as one of the growing corporate and IT destinations in India. The Mumbai real estate scenario has been reflective of the burgeoning real estate sector of the country. The city has a mature and demand-led market driven by end users. Investors and HNIs have also been actively investing in various pre-leased properties with insurance, banking, IT/ITES, residential and retail sector occupants. Overall, there has been an increase in demand as well as supply and an appreciation in the real estate values across various micro markets in the city. Economy of Mumbai: The per capita income of the city is Rs 66,360 which is three times higher than the national income. It contributes 1/3 rd of the total income tax collection of the country. It contributes nearly 60 % of the total income generated from custom duty of the country. 40 % of India’s foreign trade. Corporate tax collection of the city is Rs 40 billion. 20 % of the total excise duty collection of the country. Mumbai Metropolitan region generates 5 % of the total GDP of the country. The island city of Mumbai is the economic growth engine and commercial capital of India. A combination of in-migration combined with a severe land shortage has resulted in Mumbai having one of the most expensive real estate in the world. As a result the city faces housing crisis with an estimated 60% of its total population living in slums, adopting multiple informal housing tenures. Property Index of Mumbai: Database:This index is based on minimum database size of 20,000 data points every month and the analysis has been drawn over a period starting Jan’09. The prices of properties are obtained across micro-markets through property listings on the website as well as based on nationwide sales force. Index Algorithm:The complex algorithm takes into account the property prices as base and then factors in the demand and supply of residential properties for each of the cities covered by it. Care has been taken to give weight age to cities in line with the size of underlying property market. (Makaan.com) The Real-Estate market of Mumbai can be divided into three types- Commercial Residential Retail Mall 4.1 Commercial Real Estate Market: Mumbai’s commercial market is divided into its traditional business districts and the recently developed business addresses. The Central Business District (CBD) of the city is located in South Mumbai and comprises of: Nariman Point – Often said to be the ‘Manhattan of India’, Nariman Point has traditionally been the most attractive location for international companies, in particular international investment banks, insurance companies and consulting firms. The areas concentrated within a radius of 1.5-2 km around the CBD are termed as the off-CBD locations, which include: Churchgate /Fort/ Fountain – This district has traditionally housed the city’s Business and Government establishments. It also houses numerous National and International Banks. Cuffe Parade – Primarily an up market residential area with a host of high-rise buildings. Some notable commercial buildings like the World Trade Centre and Maker Towers are located here. Ballard Estate – A prime commercial area where the buildings have European Renaissance architecture. The off-CBD business centres of the city have expanded to include a number of areas mostly oriented towards central Mumbai: Lower Parel: This industrial belt of Mumbai is transforming itself into a commercial hub of the city. This area is being developed on what used to be the textile mills. With mill land being freed for commercial, retail and residential development, the Lower Parel area will see massive supply of space. Currently, there are a number of retail, entertainment and advertising companies located in Lower Parel. High Street at Phoenix Mills is the most prominent retail development in this region. Worli-Prabhadevi: The Worli–Prabhadevi area has been a conventional stronghold of number of corporate offices. Besides, there is also the presence of two malls – Crossroads and Atria, in the stretch. The ongoing Bandra-Worli sea link is expected to give a further fillip to this area. The Suburban Business Districts (SBDs) of the city comprise of the following locations: (Image of the Bandra Kurla Complex) The Bandra-Kurla belt: The Bandra-Kurla Complex (BKC), which has been developed as an alternative business district to the CBD, has attracted a number of corporate. ICICI, National Stock Exchange, Wockhardt and ILFS are some of the important corporate located here. The Andheri-Kurla Belt: This area is also an upcoming location of choice for IT/ITES companies, banks, insurance companies, etc. Some of the sought after Grade ‘A’ buildings in this belt are ‘Technopolis’ and ‘Solitaire Corporate Park’ where a number of corporate are relocating. The Malad-Goregaon Belt: The Malad Goregoan belt has become the preferred destination for IT/ITES companies due to the availability of large floor plates at competitive rentals. The superior quality of buildings offered at MindSpace is another motivating factor for technology companies looking for world-class amenities to come here. The Powai Belt: Another suburb, the Powai belt is scoring well on the IT/ITeS front. The pricing in rental terms is similar for Powai and Malad. There will be 600 new shopping centres by 2010. India’s burgeoning middle class will drive up nominal retail sales through 2010 by 10% p.a. At the same time, organised retail is becoming more important. At present organised retail accounts for a mere 3% of the total; by 2010 this share will already have reached 10%. (Deutsche Bank Research 6 may,2006) The Peripheral Business District (PBD) of the city consists of: Navi Mumbai: Navi Mumbai is being developed as a counter magnet to Mumbai, with the basic objective of curbing further congestion in the city. The potential target audience, apart from the existing residents, arises from the 40,000+ IT/ITES industry workforce travelling to Navi Mumbai daily. Consequently, the government has undertaken a number of initiatives to promote further development of IT ITES sector in Maharashtra state. These include formulation of a progressive sector-specific policy, development of IT parks and development of the â€Å"Knowledge Corridor† between Navi Mumbai and Pune. Sector 17 of Vashi and CBD Belapur were developed as the prime commercial areas for Navi Mumbai. A number of corporate have moved to Navi Mumbai, the largest amongst them being Reliance Industries. Millennium Business Park at Mahape and Airoli Knowledge Park at Airoli, developed by MIDC houses several IT/ITES companies like Aptech, CMS computers, Datamatics, Mastek, TCS, Patni etc 4.2 Residential Market Scenario: Residential real estate in Mumbai is today amongst the most expensive in the country. The key residential areas in the city are as follows: The south and central locations of the city like Colaba, Napean Sea Road, Worli, Breach Candy and Pedder Road are the most preferred locations for leased accommodation for the senior and expatriate staff. Amongst the key suburban locations, Bandra and Malad in the northwest and Powai in the northeast are equally preferred due to proximity from the emerging commercial/office locations. Other suburban residential micro-markets of Andheri, Goregaon and Mulund also fall in the preferred category. In fact, these areas are witnessing fresh construction activity with projects from prominent residential developers like K.Raheja, Oberoi Constructions, Royal Palms and the Runwal Group. Luxury housing projects, which have been traditionally concentrated in South and selective Central Mumbai locations, are now being planned in the suburban regions like Malad as well as peripheral districts. Currently, a number of IT/ITES companies have located there. The Central Mumbai belt consists of areas such as Mahalaxmi, Lower Parel, Worli, Parel,Byculla, Chinchpokli, Sewri, Wadala, Dadar, Matunga and Mahim. The micro markets of Worli are currently established markets and command a premium over other central Mumbai pockets. The current ongoing rates in Worli vary between Rs. 25,000-30,000 per sq. ft. Lower Parel is fast emerging as a residential and commercial destination, with additional supplies expected from the mill lands. 4.3 Mumbai Mill Lands: (Image of an old Mill in Mumbai) Bombay had first developed as an industrial city through the growth and expansion of the cotton textile industry from the late nineteenth century to the nineteen forties. Now known as the Mill Lands, the textile industry was located in the central districts of the Island City. After World War II and Independence, to the fifties, sixties and seventies, the industrial base of the urban economy diversified into petroleum and chemical production, and then into petrochemicals, pharmaceuticals, consumer goods and engineering industries. These new industries were mostly located on the eastern fringe of the Island City, in the Eastern suburbs, and in the seventies and eighties expanded to Thane and its surrounding district, as well as the Thane-Belapur belt flanking Navi Mumbai. Till the late seventies, the Cotton Textile Mills were booming with activity but in 1982 things changed. The unorganized Powerloom sector had taken over and it was becoming uneconomical to maintain large-scale industrial units within the city limits on account of high power and Octroi costs. Moreover, the 18-month long crippling strike by the mill workers proved to be the final nail in the coffin. All this led to huge losses and the running of the Cotton Textile Mills became unviable. Several mills were declared sick and a few even shut down their operations. Only a few managed to survive. The total area occupied by all the mills put together is approximately 605 acres (2,446,278.39 sq. mt.) There are three categories of ownership of the mills, namely, National Textile Mills (NTC), Maharashtra State Textile Corporation and Private Owners: 4.4 Mumbai Port Trust Land: The proposed release of Mumbai Port Trust (MbTP) land could change the face of the eastern waterfront in Mumbai. MbPT has about 40 acres of surplus land of which a substantial portion is on the environmentally sensitive eastern waterfront (areas such as Sewri, Wadala). Large tracts of MbPT land had been leased out to private companies, several of whom have shifted their facilities to other areas, but continue to maintain a token presence on the leased land. With the construction of Trans- Harbour Link and the Special Economic Zone at Dronagiri this land is expected to turn out into a virtual goldmine. The MbPT policy for commercial utilization of this land has been awaited for several months since the new board of trustees were not constituted. Now with 17 of the 21 trustees in place, the process of formulating the policy has been set in motion. The subcommittee is expected to unveil a plan of action when MbPT board meets on August 9. Besides the above, there are some Port Trust plot that are being released in the market. These include a 28.39 hectare (approx. 70 acres) plot at Titwala, vacant lands in isolated pockets totalling to 5.17 hectare (approx. 14.5 acres) and a slum-encroached plot measuring 6.77 hectare (approx. 17 acres) on the eastern waterfront. Floor Space Index (FSI): FSI stands for Floor Space Index. Municipalities and Government’s allow only a certain amount of FSI. Otherwise there are possibilities of sky scrapers been constructed in narrow spaces that would be leading to parking and various other problems like the one existing in downtown Manhattan. In Mumbai, FSI was first introduced in 1964 and the value than was 4.5 times. Over the years there were several changes made to the rule which depends broadly on the leading Municipal Corporation and the State Government. With an average of 2.9 m2 per person, the consumption of residential floor space in Mumbai is one of the lowest in the world. More than 50% of the city’s population lives in slums. This type of record would be expected from a city in a desperate economic situation. However, this is not the case. Mumbai is a prosperous city with an expanding economy. (Mumbai FSI conundrum: The perfect storm: the four factors restricting the construction of new floor space in Mumbai – By Alain Bertaud 2004). The very low consumption of floor space coupled with very high real estate prices would suggest that a number of supply bottlenecks might be responsible. By comparing Mumbai to other metropolis in Asia it appears that indeed 4 factors are exceptional and contribute to the very low supply of floor space: An exceptional topography that reduces the amount of developable land; A draconian and ill-conceived land use policy restricting the area of floor space which can be built on the little land available. Muddled property rights preventing households and firms to freely trade land and floor space as a commodity; A failure to develop major primary infrastructure networks, which prevents the city to overcome its topographical constraint. In turn, the weakness of the infrastructure network is used to justify the restrictive land use policy. (Alain Bertaud July 15th 2004). Comparing Mumbai to other similar sized Asian cities, (Bertaud 2004) found that within a radius of 25 km from the city centre, sea and water bodies occupy 66% of the total area for Mumbai while it was 22% in the case of Jakarta and 5% for Seoul. Cities with such extreme topography often compensate for the lack of land by allowing the height of buildings to be increased. In the case of Mumbai however, this is not the case. While the Floor Space Index (FSI) in most large cities varies from 5 to 15 in the Central Business District (CBD) to about 0.5 in the suburbs, in Mumbai the FSI remains uniformly fixed at 1.33 for the Island City and 1.00 in the suburbs (Alain Bertaud, 2004). (The above map shows the different FSI values in the city.) Transfer of Development Rights (TDR): A cartelisation of Mumbais real estate, one of the costliest in the world, in the matter of transferable development rights has put upward pressure on prices and has also caused concern in policy circles. In case of Mumbai, TDRs were used initially to compensate plot owners whose development right was restricted due to some public programmes like widening of roads etc. Later this was used for compensating owners of Heritage buildings who could not develop their lands. More recently they have been used in case of Slum Redevelopments where additional development rights could not be consumed on a plot due to over density reasons. There are also talks about using TDR for redevelopment of old buildings. Another detail about TDR is that it can be only used in the same or northern ward of the generating plot Hence you could see sudden additions to suburban buildings that have high property value.However, it also led to haphazard and unplanned development in the suburbs. There was an increased the pressure on suburban infrastructure. In a recent development, just six-odd builders and developers hold 70 per cent of the 2.5-3 million sq ft TDR available. The price of TDR has also surged to Rs 2,500-Rs 3,000 per sq ft from Rs 800-1,000 sq ft in the past six months. Realty sector experts in Mumbai cartel had meant a rise in TDR prices practically every month. The development is a sequel to a 2008 order of the High Court here, which stayed a state government decision to allow 33 per cent extra building rights (measured as more of Floor Space Index, or FSI, the ratio of what can be erected on a plot of land to its area) in return for more premium. Nainesh Shah, executive director of Everest Developers, argued that TDR rates can be brought down only by an increase in the stock of land and the government are the only entities that can make this happen. More land needs to be released, Ashutosh Limaye, associate director, strategic consulting, Jones Lang LaSalle Meghraj, saidâ€Å"TDR trading follows the open market principle. For areas that are popular and in demand for real estate development (Bandra, Chembur, Vile Parle, etc), land prices is high and it makes sense to buy TDR even at a higher rate†. However, A Vile Parle-based activist and former builder, Bhagwanji Raiyani, filed a Public Interest Litigation in the Bombay High Court asking for a total ban on TDR, following which the court in an interim order banned the use of TDR along the Eastern and Western Express Highways and the Eastern and Western suburban railway tracks. In the recent times, the government is considering a proposal to increase floor space index (FSI) in the suburbs to two without taking the transfer of development rights (TDR) route. Under this, for example, a builder involved a slum project in Trombay gets the nod to transfer development rights to the north of the rehabilitation site. Because of this policy, the suburbs are witnessing the construction of tall towers, which use TDR. There has been a 100% rise in property prices in Mumbai, Thane and other places, primarily because of the high cost of TDR. If a builder buys TDR at Rs 4,500 per sq ft, he will have to add another Rs 4,500 per sq ft towards the cost of land and construction. This forces him to sell flats at Rs 10,000 per sq ft even in a distant suburb like Mulund, which is an absurd rate. No wonder there is tremendous consumer resistance. Around 50% of the flats remain unsold because the prices are beyond an average buyer’s reach,’’ (Subhash Runwal, former office-bearer of the Maharashtra Chamber of Housing Industry, reported in Times Of India). The demand for FSI is 10 crore sq ft per annum in the suburbs. If the government sells this at even Rs 2,500 crore, it can generate a whopping Rs 25,000 crore annually. Half of this revenue can be used for improving infrastructure in the suburbs and the rest for development work in the rest of the state†. The Golden Question: How to design new FSI and TDR values for Mumbai? Design a spatial land use strategy based on current land values and future investments in transport (bridges, highways, metro, BRT). Identify high accessibility nodes. Divide the existing and future built-up areas into land use zones based on accessibility and on existing character of the area; Identify and map the historical areas and natural areas that need to be protected, those that should not be redeveloped, and where the new FSI will not be applied; Design regulations (FSI, % lot coverage, setbacks, etc) for each zone. Comprehensive plan ready and approved for the entire city No more TDRs are issued during preparation of plan, however, already issued but not yet used TDRs are honored. Progressive transition: New FSI plan prepared and approved for 2 or 3 main streets and high intensity areas around new metro stations and bridge access. New TDRs can be issued but they have to be used in the areas already mapped for FSI increase. Meanwhile the comprehensive strategy is prepared and approved. More areas for FSI increase are prepared every year and where TDRs can be used. After 2 or 3 years new TDRs are issued only for slum redevelopment and for historical area protection. The above is just a model example of how the increase in FSI would solve the Real Estate problems in Mumbai. If the Government adopt the path which has been used in downtown Manhattan than it would reduce Real Estate prices in the city, help to relocated millions of people, abolish the TDR practice and the additional space could be used to improve the lagging infrastructure of the city. 4.5 Mumbai Salt Pan Land http://infochangeindia.org/Agenda/Coastal-communities/Saltpan-city.html The proposal to use saltpan lands first emerged in 2002 when the Maharashtra Housing and Area Development Authority (MHADA) warned that it was running out of land and asked the state to release land belonging to various departments like defence, the Bombay Port Trust, and saltpan lands. In 2006, the then Union Minister for Commerce and Industries Kamal Nath and Ex Maharashtra Chief Minister Vilasrao Deshmukh worked out a formula of developing saltpan lands on a no-profit-no-loss basis. The scheme proposed allowing private developers extra FSI for commercial purposes after setting aside 225 sq ft houses to accommodate slum-dwellers. In 2007, a committee of u

cold war :: essays research papers

In 1949 the cold war spread from Europe to Asia, affecting everyone in its path. China, Japan, and Vietnam were three countries affected by the Cold War. Out of these three countries China was the countries that was affected the most.   Ã‚  Ã‚  Ã‚  Ã‚  The reason why China was affected the most is because its government, economy, and society were all affected by the Cold War. Chinas government was effected because it changed from a Nationalist government, that was supported by the United States, to a communist government, know as the Peoples Republic Of China. Thanks to the help of the Soviet Union China was able to expand its economy to take advantage of the countries natural rescores. China nationalized all industry and set up a five-year plan to increase the output of coal and steel. To help increase agriculture China took control of land out of the hands of landlords and into the hands of peasants, the Chinese government also encouraged peasants to join their land and form cooperatives. Probably the biggest effect of the Cold War was equal rights for women, this meant that women were expected to work alongside men, the country even went as far as to set up nurseries to take care of the children who were now without an stay at home mother. The Japanese government also gave equality to women.   Ã‚  Ã‚  Ã‚  Ã‚  In the 1950’s Japan and the United States of America became not enemies, but allies. Japan actually flourished during the period of time, which it was occupied by the USA; during this time period Japan modernized an enormous amount. The main way that Japan became more modern was the fact that the USA helped Japan build modern manufacturing plants. Since these plants were extremely modern they were able to out produce the factories of the west. In Japan women were also give legal equality. Legal equality is different than actual equality because in Japan women were often in charge of the family finances but very few ever got a collage education or high-level jobs.