Short Story - 1743 Words

No, she wouldn’t. That only leaves one more option and I’m standing across from it. A demon institution. A few of my former coworkers already stand in line, heads down, completely defeated. It’s what their lives have come to, where it will end or begin. It’s easy; you go in human and you walk out a demon†¦Or dead. Most die. The demon serum is like a flipping a coin and praying both sides are heads. A ninety-seven percent chance of death and a three percent chance of becoming a demon. It’s a hell of a chance and a last resort. But if it worked, if you became a demon, your life goes from rags to riches. From begging and working at the bottom, to a life of play and happiness. Or at least that’s what I’m told. And it also depends on where†¦show more content†¦Ã¢â‚¬Å"Did you find something on the tour of the metal shop today?† I ask, brushing a bush of dark hair behind her ear. She shakes her head, trying not to burst with excitement. â€Å"Nope. Even better.† She grabs my hand and pulls me over to the table, forcing me to sit down. I lean over, untying my boots as she rustles through the bag. â€Å"It better not be another rat. As I’ve said time and time before, the rats on the streets are not pets†¦Ã¢â‚¬  I cut short as a bright green thing is waved in my face. My jaw goes slack as my gray eyes are glued to the thing. â€Å"Is that†¦um, is that a†¦an†¦Ã¢â‚¬  â€Å"An apple? No, it’s two.† She pulls out another one. This one is big and red. I snatch the red one, my finger carefully running across its smooth surface. It’s gold in my hands. That’s how valuable this apple is to me. I can’t remember the last time I actually saw fresh fruit, let alone held it. Fresh food isn’t a luxury for humans. Canned goods are all we get. â€Å"Where did you get these?† â€Å"On my way home from school. I was picking some charcoal from the burn bins, when†¦when um, they fell out of a truck. It had the†¦uh, um Demon label on it, so I figured it was still good,† she boasts after taking a bite. â€Å"Don’t worry. I was the only person around and no one saw me.† I place the apple down, exhaling deeply. These apples could be her death. â€Å"Kallau,† I whisper. â€Å"This food is the property of the Order. You do remember the punishment for stealing, right?† I don’tShow MoreRelatedshort story1018 Words   |  5 Pagesï » ¿Short Stories:  Ã‚  Characteristics †¢Short  - Can usually be read in one sitting. †¢Concise:  Ã‚  Information offered in the story is relevant to the tale being told.  Ã‚  This is unlike a novel, where the story can diverge from the main plot †¢Usually tries to leave behind a  single impression  or effect.  Ã‚  Usually, though not always built around one character, place, idea, or act. †¢Because they are concise, writers depend on the reader bringing  personal experiences  and  prior knowledge  to the story. Four MajorRead MoreThe Short Stories Ideas For Writing A Short Story Essay1097 Words   |  5 Pageswriting a short story. Many a time, writers run out of these short story ideas upon exhausting their sources of short story ideas. If you are one of these writers, who have run out of short story ideas, and the deadline you have for coming up with a short story is running out, the short story writing prompts below will surely help you. Additionally, if you are being tormented by the blank Microsoft Word document staring at you because you are not able to come up with the best short story idea, youRead MoreShort Story1804 Words   |  8 PagesShort story: Definition and History. A  short story  like any other term does not have only one definition, it has many definitions, but all of them are similar in a general idea. According to The World Book Encyclopedia (1994, Vol. 12, L-354), â€Å"the short story is a short work of fiction that usually centers around a single incident. Because of its shorter length, the characters and situations are fewer and less complicated than those of a novel.† In the Cambridge Advanced Learner’s DictionaryRead MoreShort Stories648 Words   |  3 Pageswhat the title to the short story is. The short story theme I am going conduct on is â€Å"The Secret Life of Walter Mitty’ by James Thurber (1973). In this short story the literary elements being used is plot and symbols and the theme being full of distractions and disruption. The narrator is giving a third person point of view in sharing the thoughts of the characters. Walter Mitty the daydreamer is very humorous in the different plots of his dr ifting off. In the start of the story the plot, symbols,Read MoreShort Stories1125 Words   |  5 PagesThe themes of short stories are often relevant to real life? To what extent do you agree with this view? In the short stories â€Å"Miss Brill† and â€Å"Frau Brechenmacher attends a wedding† written by Katherine Mansfield, the themes which are relevant to real life in Miss Brill are isolation and appearance versus reality. Likewise Frau Brechenmacher suffers through isolation throughout the story and also male dominance is one of the major themes that are highlighted in the story. These themes areRead MoreShort Story and People1473 Words   |  6 Pagesï » ¿Title: Story Of An Hour Author: Kate Chopin I. On The Elements / Literary Concepts The short story Story Of An Hour is all about the series of emotions that the protagonist, Mrs. Mallard showed to the readers. With the kind of plot of this short story, it actually refers to the moments that Mrs. Mallard knew that all this time, her husband was alive. For the symbol, I like the title of this short story because it actually symbolizes the time where Mrs. Mallard died with joy. And with thatRead MoreShort Story Essay1294 Words   |  6 PagesA short story concentrates on creating a single dynamic effect and is limited in character and situation. It is a language of maximum yet economical effect. Every word must do a job, sometimes several jobs. Short stories are filled with numerous language and sound devices. These language and sound devices create a stronger image of the scenario or the characters within the text, which contribute to the overall pre-designed effect.As it is shown in the metaphor lipstick bleeding gently in CinnamonRead MoreRacism in the Short Stor ies1837 Words   |  7 PagesOften we read stories that tell stories of mixing the grouping may not always be what is legal or what people consider moral at the time. The things that you can learn from someone who is not like you is amazing if people took the time to consider this before judging someone the world as we know it would be a completely different place. The notion to overlook someone because they are not the same race, gender, creed, religion seems to be the way of the world for a long time. Racism is so prevalentRead MoreThe Idol Short Story1728 Words   |  7 PagesThe short stories â€Å"The Idol† by Adolfo Bioy Casares and â€Å"Axolotl† by Julio Cortà ¡zar address the notion of obsession, and the resulting harm that can come from it. Like all addictions, obsession makes one feel overwhelmed, as a single thought comes to continuously intruding our mind, causing the individual to not be able to ignore these thoughts. In â€Å"Axolotl†, the narr ator is drawn upon the axolotls at the Jardin des Plantes aquarium and his fascination towards the axolotls becomes an obsession. InRead MoreGothic Short Story1447 Words   |  6 Pages The End. In the short story, â€Å"Emma Barrett,† the reader follows a search party group searching for a missing girl named Emma deep in a forest in Oregon. The story follows through first person narration by a group member named Holden. This story would be considered a gothic short story because of its use of setting, theme, symbolism, and literary devices used to portray the horror of a missing six-year-old girl. Plot is the literal chronological development of the story, the sequence of events

Violence in media Free Essays

Poor relationships), education (Insignificant schooling), socioeconomic status and community (egg. Neighborhood violence) M; West, M; Marrow, D; Hamburger, M; Boxer, P, 2008, p. 929). We will write a custom essay sample on Violence in media or any similar topic only for you Order Now Although exposure to media violence is not the primary motive for aggressive behavior, it is however, the single most curable contributing reason. Violence is noticeably becoming a key factor within today’s society; medias interpretation and representation of violence on all forms of interaction must play a role on our behavior to date. Theorists have established from recent research that violent media for instance, video games and movies, â€Å"temporarily Increase aggressive thoughts. Aggressive affect and physiological arousal† (Carnage, Anderson, Bartholomew, 2007, p. 179), thus creating violent behaviors. In addition, Anderson cited that, â€Å"the industry markets violent video games to underage kids† (Anderson, 2004, p. 1 1 which evokes violent thoughts, imitation and aggressive actions. Through this proposed study a major issue raised within the area of media violence would be addressed. This Issue that needs to be noninsured Is the long-term effects that may occur to the youth. In this context, â€Å"physiological desensitizing displays reduced or no emotional feelings or empathy for others, due to media influencing thoughts, feelings and motives; primarily this has become a concern as media increased the likelihood of violent behavior† (Houseman, L Taylor, L, 2006; Carnage, N, Anderson, C Bartholomew, B, 2007). The aim of this study is to investigate the potential gaps to help understand the relationship between violence in the media, and aggressive behavior between he youth of today. Firstly, notwithstanding the substantial Information already gathered on the short-term effects of media violence, little study has been able to link media and young adults to seriously violent behavioral tendencies (Hobart, M; West, M; Marrow, D; Hamburger, M; Boxer, P, 2008, p. 930). Secondly, the studies undertaken to date on the effects of media violence influencing hostile behavior, seem to be more noticeable for the earlier years with once again only touching the boundaries In regards to adolescents. This study will analyses behavior and affects as not been fully investigated recorded in the past due to concentration of research on media violence on adolescents. I wish to undertake this research to see if a link can be established between media violence and the seemingly known aggression for this age group. If proven this would assist our legislators draft comprehensive legislation, based on sound research, to address issues provide protection for our youth going forward. Analyses of this study will focus particularly on the pervasiveness and the characteristics of young adults exposed to violence through movies and video games. Aims and Objectives The specific aim of this study is to critically assess the association between violence in the media and the expression of seriously violent behavior among the youth, ages 18-24, in a quota sample. The objectives of this project are to: 1 . Critically examine existing knowledge and gaps on this particular topic. 2. Classify and examine the different effects for different media. 3. Develop further theory to examine if media violence is considered a problem. 4. Evaluate people’s perceptions of the impact media violence has on themselves and other young individual’s in the youth. . Make recommendations to address issues and provide protection for the youth going forward. Literature review A significant and growing body of researchers state that the â€Å"youth exposure to media violence leads to increased aggressiveness† (Slater. M, Henry, K, Swami, R Anderson, L, 2003, p. 713). This can be seen as a serious problem within the society; due to th e fact media violence primes the viewers for aggressive behavior by stimulating violent-related thoughts, evokes imitation and increases arousal (Meyer, 1010, P. 243). Nonetheless, many individuals believe that media violence will not affect hem negatively or directly. However, the outcomes for media violence present instant effects or long-term effects within individuals, especially throughout the numerous types of media. From a social-neuroscience viewpoint, video games are portrayed as a different type of media than television and movies, mainly because â€Å"video games are more interactive and immerse, engaging neural systems which activate and effect aggressive behaviors† (Carnage, Anderson, Bartholomew, 2007, p. 79); in this context, video games primarily engage the players, allowing these players o identify themselves as the attacker, to receive direct awards and promote In addition, physiological desensitizing needs to be considered for the youth as this theory leads to reduced or no emotions towards others as suggested by Carnage, Anderson Bartholomew, where they state Moline in movies and on television has changed many individua ls reactions so much that they laugh at human suffering, thus suggesting that this immediate effect is linked to an increase in aggression and reduced sympathy’ (2007, p 180). Therefore this may demonstrate Eng term and repeated exposure to violence in all aspects of the media can influence and increase aggression throughout their lifespan. Various studies previously undertaken regarding video game violence and its possible promotion of antisocial behavior, shows the individual identifying and role-playing the violent characters. This is evident in a study conducted by Douglas Gentile (2004) about young individuals who frequently played violent video games, and were more likely to have increased aggression and fights then those who participated in non-hostile media games. Similarly, Potter suggests that â€Å"when violence permeates the media year after year in all kinds of programming and when the message of that violence is antisocial, the mean of society is likely to move gradually in an antisocial direction† (Potter, 2003, p. 50), therefore, creating the key idea that individuals will try harder to gain social acceptance through aggressive actions due to the cause of violent media. SECTION B: Methodology and Research design Methodology The proposed research conducted would be best lead through an interpretative paradigm as the theoretical framework for this study. Interpretative seeks to comprehend and describe human social reality, an understanding that is diverse for every individual person (Walter, 2010). This research will endeavourer to understand the impact media violence has on the youth within society and how behavior can be influenced and imitated through observational viewing. To comprehend the aim of this study, a mixed methodology of quantitative and qualitative research will be used for the investigation. As part of the quantitative research, quota sampling will be utilized to segregate the population as the research focuses only on the youth populace, ages 18-24. Additionally, a convenience random sample survey on survey monkey will be utilized to gain the data of a small sample group consisting of 20 individuals. The questions asked will help gain personal perspectives of individuals and assist in understanding, if, why and how types of media cause aggression and behavioral changes in the youth. Furthermore, other factors such as socioeconomic status, environmental, and education aspects are considered within the sample survey as they can determine whether individual’s behaviors can be Just affected by these factors or also linked in with media violence. Research portrayed suggested that lower socioeconomic status societies on average watch more television, thus presents higher dosage of media violence (Cantor, J, 2000). This project will gather information from key individuals based on their own The qualitative approach will be applied to analyses numerous types of literature and data to support the research proposal. This project will conduct a detailed investigation into the study conducted by Anderson, C Dill, K (2000) on their examination of violent video games affecting aggressive behaviors in the laboratory and in life. Anderson, C Dill, K (2000) study the ways in which media shapes individual behaviors based on aggression-related variables and personal characteristics. The myriad types of literature will be thoroughly examined and compared with the quantitative study to finalist an outcome. Research design The research aims to understand whether young individuals within today’s society are influenced and dominated by the violence portrayed within the media, which can lead to changed behaviors. The first task is to select the participants for this convenient random sample survey. This research will target the youth populace; ages 18-24, with 20 participants both male and female conveniently selected to participate. All participant’s will remain anonymous and will take place through survey monkey in order for subjects to easily access the sample survey. The second task is to provide the link to the youth, ages 18-24, for the sample survey to be completed. The link will be conveniently published on the University of Western Sydney Backbone page to gain anonymous participants. The surveys will consist of liker- type and open-ended questions to make the survey in-depth, yet ass to complete. A third task to be undertaken whilst the surveys are being completed is to conduct the qualitative approach within this study. This methodology will be utilized to examine myriad types of literature to gather and compare data to gain an outcome. The data gathered will be analyses through statistical and text analysis of the methodology developed. Through survey monkey, the data is manually analyses from the participant surveys completed, in which, an excel sheet will be created and the results conveyed within the survey will be investigated further to help validate the proposal. Ethical procedures Ethical considerations are essential when undertaking research methodology. Issues such as confidentially, anonymity and the right to withdrawal from the study are significant principles that are put in place for this study, for the respect of the participants. Informed consent is the cornerstone for research and an important aspect provided to potential subjects. This study will provide the participants with an information sheet detailing all the information about the study being conducted in a clear and brief manner. Along with the information sheet, a consent form will be sent voluntarily and to be free from coercion. For ethical reasons, subjects will only be allowed to complete this study if they are 18 years of age; this will be clearly stated in the consent form to avoid any issues further down the track. The process of the consent form will also imply that subjects have to right to withdrawal from the study at any point. The right to confidentiality is essential in research (Polite Beck, 2010) but may be conflicting in this proposed study. This is due to the facts that the surveys will be asking for their own perspectives, opinions and experiences, which ay lead to break confidentiality. However, participant’s identities will remain protected from the public. Through the research methodology for this study, there is a myriad of benefits and risks that may be presented. With the online surveys being the primary form of data collection for this study, this has allowed for a cost-effective and efficient way of collecting information from a population. However, concerns arise with this form of surveying, as it is not secure in preventing under age individuals from completing it. In addition, a risk that may influence this study is the act that not all youths are the same and what may disturb one individual may have no effect on another. Likewise, development concerns, emotional maturity and relationships with others seem to be a much more significant role in determining if an individual is at risk for violent behavior (Media smart, 2012). How to cite Violence in media, Papers

Autumn by John Keats Essay Example For Students

Autumn by John Keats Essay Upon first glance, John Keatss To Autumn may seem like a deeply descriptive poem about changing of seasons. However, a closer look will reveal that through his apostrophe, he speaks of autumn as a person to convey his perception of change and death and rebirth. Stanza 1 has a regular pattern of 10 syllables on each line and the rhyme goes; A, B, A, B, C, D, E, D, C, C, E. The tone is relaxed and definitely has a positive effect by describing and fill all fruit with ripeness to the core Keats tends to describe everything fresh and ripe Keatss begins to describe the cycle of progression. Mention of the maturing sun of the assumed morning as maturing would be associated with the sun rising reflects through to the early stages of life. This continues to line 6 where to fill all fruit with ripeness to the core most nearly represents an individual after adolescent stages, ready to tackle the world, or, in a fruits sense, ready to be consumed. Until they think warm days will never cease deems the consummation of the unripe youth for summer has oer-brimmed their clammy cells line eleven. Keats personifies the maturing sun as a close bosomed friend of seasons of mists and mellow fruitfulness In the second stanza there is a regular rhythm with ten syllables on each line with a couple of exceptions of 9s the rhyme goes as follows A, B, A,B, C, D, E, C, D, D, E. and again the tone is very relaxed and soft Keats introduces visual imagery combined with the personification of autumn. The season now takes on an identity as a human but more likely to be a woman autumnsitting careless on a granary floor/thy hair soft-lifted by the winnowing wind The hands of lifes clock continue to move with the comparison of the harvests half reaped furrow with the downward spiral of aging. This is further apparent in line twenty-one or by a cider press with patient look contrasts the busy nature of the first stanza such as an older person is at peace and more sedate than in his younger years. It is now when thou watchest the last oozing hours by hours as death is approaching. The senses of hearing are tapped into the third and final stanza of To Autumn beginning with Where are the songs of spring? Ay, where are they?. The proposal of this question parallels the unfolding of death when one questions where his youth went, regretting wasted moments. However, Keats states, think not of them, thou hast thy music too line twenty four almost commanding to reflect, but not regret, as death is just as beautiful as life itself. Even as in a wailful choir the small gnats mourn line twenty seven, seconds later, full grown lambs loud bleat throughout hilly bourn line thirty one therefore offering that although death is the end, it only

Legal Bases free essay sample

The Philippine Constitutions 1. 1935 CONST. Article XIV Section 5 2. 1973 CONST. Article XV Section 8 (1-8) 3. 1987 CONST. Article XIV Sections 1-5(5) THE 1987 CONSTITUTIONS Article XIV Sections 1-5(5) Section 1. The state shall protect and promote the right of all the citizens to quality education at all levels and shall take appropriate steps to make such education accessible to all. Section 2. The state shall: 1. Establish, maintain and support a complete, adequate and integrated system of education relevant to theneeds of the people and society; Establish and maintain s system of free public education in the elementary and high school levels. Without Limiting the natural rights of parents to rear their children, elementary education is compulsory for all children of school age; 3. Establish and maintain a system of scholarship grants, student loan programs, subsidies and other incentives which shall be available to deserving students in both public and private schools, especially to the underprivileged; 4. Encourage non- formal, informal and indigenous learning system, as well as self- learning independent andout-of-school study programs particularly those that respond to community needs; and 5. We will write a custom essay sample on Legal Bases or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Provide adult citizens, the disabled and out-of-school youth with training in civics, vocational efficiency and other skills. Section 3. 1. All educational institutions shall include the study of the Constitution as part of the curricula. 2. They shall inculcate patriotism and nationalism, foster love of humanity, respect for human rights, appreciation of the role of national heroes in the historical development of the country, teach the rights and Subject to conditions prescribed by law, all grants endowments, donations or contributions used actually, directly and exclusively for educational purposes shall be exempt from tax. Section 5. 1. The State shall take into account regional and sectoral needs and conditions and shall encourage local planning in the development of educational policies and programs. 2. Academic freedom shall be enjoyed in all institutions of higher learning. 3. Every citizen has a right to select a profession or course of study, subject to fair, reasonable and equitable admission and academic requirements. The State shall enhance the right of teachers to professional advancement. Non- teaching academic and non- academic personnel shall enjoy the protection of the State. 5. The State shall assign the highest budgetary priority to education and ensure that teaching will attract and retain its rightful share of the best available talents through adequate remuneration and other means of job satisfaction and fulfillment. BATAS PAMBANSA BLG. 232(THE EDUCATION ACT OF 1982) This was an act providing for the establishment and maintenance of an integrated system of education. In accordance with Section 2, this act shall apply to and govern both formal and non- formal system in public and private schools in all levels of the entire educational system. As provided by this Act, the national development goals are as follows: 1. To achieve and maintain an accelerating rate of economic development and social progress. 2. To assure the maximum participation of all the people in the attainment and enjoyment of the benefits of such growth; and 3. To achieve and strengthen national unity and consciousness and preserve, develop and promote desirable  cultural, moral and spiritual values in changing world. It is also stated in Section3 that: The State shall promote the right of every individual to relevant quality education, regardless of sex, age, creed socio- economic status, physical and mental conditions, racial or ethnic origin, political or other affiliation. The State shall therefore promote and maintain equality of access to education as well as the benefit s of education by all its citizens. RIGHTS OF STUDENTS IN SCHOOL (Section 9) 1. The right to receive competent instruction, relevant quality education. The right to freely choose their field of study subject to the existing curricula and continue their course up to graduation, except in cases of academic deficiency or violations of disciplinary regulations. 3. The right to school guidance and counseling services. 4. The right to access to his owns school records and the confidentiality of it. 5. The right to issuance of official certificates, diplomas, transcript of records, grades, transfer credentials and other similar document within thirty days from request. 6. The right to publish a student newspaper and invite resource persons during symposia, assemblies and other  activities. The right to free expression of opinions and suggestions and to effective channels of communication with appropriate academic and administrative bodies of the school or institutions. 8. The right to form or establish, join and participate in organizations and societies recognized by the school†¦, or to form, join and maintain organizations and societies for purposes not contrary to law. 9. The right to be free from involuntary contributions except those approved by their organizations and societies. the appropriate government office in case of public school personnel and the school authorities concerned in case of private school personnel, when charged in administrative, civil and/or criminal proceedings, by parties other than the school authorities concerned, for actions committed directly in the lawful discharged of professional duties and/or in defense of school policies. 3. Establish join, maintain labor organization of their choice to promote their welfare and defend their interest.

Child Labor and the British Industrial Revolution essays

Child Labor and the British Industrial Revolution essays The British Industrial Revolution (1770-1850) changed the social and economic life of Britain by establishing a completely new way of living and working. Prior to the Industrial Revolution, Britain was poor, though not without some economic surplus; relatively stagnant, though not completely static; and based on agriculture as its main economic activity (Deane 18). Because of the use of new food crops, such as the potato, and a decline in epidemic diseases, many of the major countries, including Britain, experienced tremendous population growth during this time. The population growth demanded the production of more goods, which soon brought about the development of factories. The technological advancements led to a new model of production and social relationships. The cottage workers were rapidly induced to long work hours in the large brick factories which resembled the stone poorhouses. Eventually, the cottage workers became unwilling to work in the factories which caused factory a nd mill owners to focus on abandoned and pauper children as their labor supply. These children were infants to 16 years old, averaging 4 feet 11 inches or less, and working 13 or 14 hours a day, six days a week (Spartacus). Child labor during this time became a significant topic for reformers, supporters, parents, children and the government. During the Industrial Revolution, there were many factory reformers who were against using child labor. John Fielden was born in Todmorden to Joshua Fielden, owner of a small textile business. From an early age, he had been taught to be concerned about the wellbeing and safety of employees of the company. In 1816, he and his brothers petitioned Parliament for factory legislation that protected child workers. Fielden founded a religious social reform group called the Todmorden Unitarian Society in 1822. He also advocated the introduction of a minimum wage and believed long work hours had a severe effect on worker...

A Survey on Fingerprint Mathing Algorithms

A Survey on Fingerprint Mathing Algorithms In this networked world, users store their significant and less significant data over internet (cloud). Once data is ported to public Internet, security issues pop-up. To address the security issues, the present day technologies include traditional user-id and password mechanism and a onetime password (two-factor authentication). In addition to that, using the inexpensive scanners built into smartphones, fingerprint authentication is incorporated for improved security for data communication between the cloud user and the cloud provider. The age old image processing technique is revisited for processing the fingerprint of the user and matching against the stored images with the central cloud server during the initial registration process. In this paper, various fingerprint matching algorithms are studied and analyzed. Two important areas are addressed in fingerprint matching process: fingerprint verification fingerprint identification. The former compares two fingerprint and says they are similar or not; while the latter searches a database to identify the fingerprint image which is fed in by the user. Based on the survey on different matching algorithms, a novel method is proposed. Keywords: image processing, biometrics, fingerprint matching, cloud, security Introduction Automated fingerprint recognition systems have been deployed in a wide variety of application domains ranging from forensics to mobile phones. Designing algorithms for extracting salient features from fingerprints and matching them is still a challenging and important pattern recognition problem. This is due to the large intra-class variability and large inter-class similarity in fingerprint patterns. The factors responsible for intra-class variations are a) displacement or rotation between different acquisitions; b) partial overlap, especially in sensors of small area; c) non linear distortion, due to skin plasticity and differences in pressure against the sensor; d) pressure and skin condition, due to permanent or temporary factors (cuts, dirt, humidity, etc.); e) noise in the sensor (for example, residues from previous acquisitions); f) feature extraction errors. Fingerprint identification system may be either a verification system or an identification system depending on the context of the application. A verification system authenticates a person’s identity by comparing the captured fingerprint with her/his previously enrolled fingerprint reference template. An identification system recognizes an individual by searching the entire enrolment template database for a match. The fingerprint feature extraction and matching algorithms are usually quite similar for both fingerprint verification and identification problems. Fingerprint – Identification and Verification using Minutiae Based Matching Algorithms Fingerprints are commonly used to identify an individual. Research also suggests that fingerprints may provide information about future diseases an individual may be at risk for developing. Fingerprints are graphical flow-like ridges in palm of a human. Fingerprint is captured digitally using a fingerprint scanner. Fingerprints are commonly used to identify an individual. Research also suggests that fingerprints may provide information about future diseases an individual may be at risk for developing. Fingerprints are graphical flow-like ridges in palm of a human, that are unique amongst human beings. The hardware, fingerprint scanners are becoming low cost devices. The two most important ridge characteristics are ridge ending and ridge bifurcation. Automatic fingerprint identification systems (AFIS) have been widely used. An AFIS consists of two phases: offline and online. In the off-line phase, a fingerprint is acquired, enhanced using different algorithms, where features of the fingerprint are extracted and stored in a database as a template. In the on-line phase, a fingerprint is acquired, enhanced and features of the fingerprint are extracted, fed to a matching model and matched against template models in the database as depicted in the figure 1. Among all the biometric techniques, fingerprint-based identification is the most common used method which has been successfully used in numerous applications. Comparing to other biometric techniques, the advantages of fingerprint-based identification are as detailed below: The minutiae details of individual ridges and furrows are permanent and unchanging. The fingerprint is easily captured using low cost fingerprint scanner. Fingerprint is unique for every person. So it can be used to form multiple passwords to improve the security of the systems. Flow of Diagram representing the Fingerprint Identification The above figure clearly explains the simple methodology of fingerprint verification. In off-line process, the fingerprint of all users are captured and stored in a database. Before storing the raw or original image, the image is enhanced. The fingerprint image when captured for the first time may contain unwanted data ie noise. Because our hands being the most used part of our body may contain wetness, dry, oily or grease; and these images may be treated as noise while capturing the original fingerprint. And hence, to remove the noise, image enhancement techniques like adaptive filtering and adaptive thresholding. Original Fingerprint Image. The standard form factor for the image size is 0.5 to 1.25 inches square and 500 dots per inch. In the above original image, the process of adaptive filtering and thresholding are carried out. The redundancy of parallel ridges is a useful characteristic in image enhancement process. Though there may be discontinuities in a particular ridge, we can determine the flow by applying adaptive, matched filter. This filter is applied to every pixel in the image and the incorrect ridges are removed by applying matched filter. Thereby, the noise is removed and the enhanced image is shown in figure 3. Enhanced Fingerprint Image The enhanced image undergoes feature extraction process wherein: binarization and thinning take place. All fingerprint images do not share same contrast properties as the force applied while pressing may vary for each instance. Hence, the contrast variation is removed by this binarization process using local adaptive thresholding. Thinning is a feature extraction process where the width of the ridges is reduced down to a single pixel. The resultant feature extraction is shown below figure 4. Feature Extraction After Binarization and Thinning The process of minutiae extraction is done as the last step in feature extraction and then the final image is stored in database. Operating upon the thinned image, the minutiae are straightforward to detect and the endings are found at the termination points of thin lines. Bifurcations are found at the junctions of three lines. Feature attributes are determined for each valid minutia found. These consist of: ridge ending, the (x,y) location, and the direction of the ending bifurcation. Although minutia type is usually determined and stored, many fingerprint matching systems do not use this information because discrimination of one from the other is often difficult. The result of the feature extraction stage is what is called a minutia template, as shown in figure 5. This is a list of minutiae with accompanying attribute values. An approximate range on the number of minutiae found at this stage is from 10 to 100. If each minutia is stored with type (1 bit), location (9 bits each for x and y), and direction (8 bits), then each will require 27 bits say 4 bytes and the template will require up to 400 bytes. It is not uncommon to see template lengths of 1024 bytes. Minutiae Template Now, the online process starts. At the verification stage, the template from the claimant fingerprint is compared against that of the enrollee fingerprint. This is done usually by comparing neighborhoods of nearby minutiae for similarity. A single neighborhood may consist of three or more nearby minutiae. Each of these is located at a certain distance and relative orientation from each other. Furthermore, each minutia has its own attributes of type (if it is used) and minutia direction, which are also compared. If comparison indicates only small differences between the neighborhood in the enrollee fingerprint and that in the claimant fingerprint, then these neighborhoods are said to match. This is done exhaustively for all combinations of neighborhoods and if enough similarities are found, then the fingerprints are said to match. Template matching can be visualized as graph matching that is comparing the shapes of graphs joining fingerprint minutiae. A 1:1 matching cannot be carried out and we use a threshold value – termed as match score, usually a number ranging between 0 and 1. Higher the value, higher is the match. Figure 6: Few- Matching in online process Minutiae are extracted from the two fingerprints and stored as sets of points in the two dimensional plane. Minutia-based matching consists of finding the alignment between the template and the input minutiae feature sets, that results in the maximum number of minutiae pairs. 1) Weiguo Sheng et.al In their paper, the authors proposed a memetic fingerprint matching algorithm that aimed to identify optimal global matching between two sets of minutiae. The minutiae local feature representation called the minutiae descriptor that had information about the orientation field sampled in a circular pattern around the minutiae was used by them in the first stage. In the second stage, a genetic algorithm(GA) with a local improvement operator was used to effectively design an efficient algorithm for the minutiae point pattern matching problem. The local improvement operator utilized the nearest neighbor relationship to assign a binary correspondence at each step. Matching function based on the product rule was used for fitness computation. Experimental results over four fingerprint databases confirmed that the memetic fingerprint matching algorithm(MFMA) was reliable. 2) Kai Cao et al A penalized quadratic model to deal with the non-linear distortion in fingerprint matching was presented by the above authors. A fingerprint was represented using minutiae and points sampled at a constant interval on each valid ridge. Similarity between minutiae was estimated by the minutia orientation descriptor based on its neighboring ridge sampling points. Greedy matching algorithm was adopted to establish initial correspondences between minutiae pairs. The proposed algorithm used these correspondences to select landmarks or points to calculate the quadratic model parameters. The input fingerprint is warped according to the quadratic model, and compared with the template to obtain the final similarity score. The algorithm was evaluated on a fingerprint database consisting of 800 fingerprint images. 3) Peng Shi et.al In their paper, the authors proposed a novel fingerprint matching algorithm based on minutiae sets combined with the global statistical features. The two global statistical features of fingerprint image used in their algorithm were mean ridge width and the normalized quality estimation of the whole image. The fingerprint image was enhanced based on the orientation field map. The mean ridge width and the quality estimation of the whole image were got during the enhancement process. Minutiae were extracted on the thinned ridge map to form the minutiae set of the input fingerprint. The algorithm used to estimate the mean ridge width of fingerprint, was based on the block-level on non-overlap windows in fingerprint image. Four databases were used to compute the matching performance of the algorithm. 4) Sharat Chikkerur et.al The local neighborhood of each minutiae was defined by a representation called K-plet that is invariant under translation and rotation. The local structural relationship of the K-plet was encoded in the form of a graph wherein each minutiae was represented by a vertex and each neighboring minutiae by a directed graph. Dynamic programming algorithm was used to match the local neighborhood. A Coupled Breadth First Search algorithm was proposed to consolidate all the local matches between the two fingerprints. The performance of the matching algorithm was evaluated on a database consisting of 800 images. 5) Jin Qi and Yang Sheng Wang They proposed a minutiae-based fingerprint matching method. They defined a novel minutiae feature vector that integrated the minutiae details of the fingerprint with the orientation field information that was invariant to rotation and translation. It captured information on ridge-flow pattern. A triangular match method that was robust to non-linear deformation was used. The orientation field and minutiae were combined to determine the matching score. They evaluated the performance of their algorithm on a public domain collection of 800 fingerprint images. 6) Atanu Chatterjee et.al Another method for fingerprint identification and verification by minutiae feature extraction was proposed by the above authors. Minutiae were extracted from the thinned ridges from the fingerprint images and these feature matrices were applied as input data set to the Artificial Neural Network. Post processing was done to remove false minutia. Back propagation algorithm was used to train the network. Extracted features of the input fingerprint were verified with stored trained weights and threshold values. Experiments were conducted on 160 fingerprint images and the proposed system exhibited an accuracy of 95%. 7) Tsai Yang Jea et.al A flow network-based fingerprint matching technique for partial fingerprints was introduced by. For each minutiae along with its two nearest neighbors, a feature vector was generated which was used for the matching process. Minimum cost flow (MCF) problem algorithm was used to find the one-to-one correspondence between the feature vectors and the list of possibly matched features was obtained. A two hidden layer fully connected Neural Network was proposed to calculate the similarity score. Their experiments on two fingerprint databases showed that using neural networks for generating similarity scores improved accuracy. 8) Marius Tico et.al They have proposed a method of fingerprint matching based on a novel representation for the minutiae. The proposed minutiae representation incorporated ridge orientation information in a circular region, describing the appearance of the fingerprint pattern around the minutiae. Average Fingerprint Ridge period was evaluated to select the sampling points around the minutiae. Matching algorithm was based on point pattern matching. To recover the geometric transformation between the two fingerprint impressions, a registration stage was included. The Greedy algorithm was used to construct a set of corresponding minutiae. Experiments were conducted on two public domain collections of fingerprint images and were found to achieve good performance. 9) Asker M.Bazen et. al A minutiae matching method using a local and global matching stage was presented by Asker M. Bazen et. Al. Their elastic matching algorithm estimated the non-linear transformation model in two stages. The local matching algorithm compared each minutia neighborhood in the test fingerprint to each minutia neighborhood in the template fingerprints. Least square algorithm was used to align the two structures to obtain a list of corresponding minutia pairs. Global transformation was done to optimally register the two fingerprints that represented the elastic deformations by a thin-plate spline (TPS) model. The TPS model describes the transformed coordinates independently as a function of the original coordinates. Local and global alignments were used to determine the matching score. Conclusion This paper, we presented Fingerprint identification and verification based on minutiae based matching. The original fingerprint captures is pre-processed and the pattern is stored in the database for verification and identification. The pre-processing of the original fingerprint involves image binarization, ridge thinning, and noise removal. Fingerprint Recognition using Minutiae Score Matching method is used for matching the minutiae points. Usually a technique called minutiae matching is used to be able to handle automatic fingerprint recognition with a computer system. In this literature review, nine papers are explored and an insight is obtained regarding different methods. References: [1] Weiguo Sheng, Gareth Howells, Michael Fairhurst, and Farzin Deravi,(2007), â€Å"A Memetic Fingerprint Matching Algorithm†, IEEE Transactions On Information Forensics And Security. [2] Aparecido Nilceu Marana and Anil K. Jain, (2005), â€Å"Ridge-Based Fingerprint Matching Using Hough Transform†, IEEE Computer Graphics and Image Processing, 18th Brazilian Symposium pp. 112-119. [3] Koichi Ito, Ayumi Morita, Takafumi Aoki, Tatsuo Higuchi, Hiroshi Nakajima, and Koji Kobayashi, (2005), â€Å"A Fingerprint Recognition Algorithm using Phase-Based Image Matching for low quality fingerprints†, IEEE International Conference on Image Processing, Vol. 2, pp. 33-36. [4] Kai Cao, Yang, X., Tao, X., Zhang, Y., Tian, J. ,(2009), â€Å"A novel matching algorithm for distorted fingerprints based on penalized quadratic model†, IEEE 3rd International Conference on Biometrics: Theory, Applications, and Systems, pp. 1-5. [5] Anil K. Jain and Jianjiang Feng, (2011), â€Å"Latent Fingerprint Matching†, IEEE Transactions On Pattern Analysis And Machine Intelligence, Vol. 33, No. 1, pp. 88-100. [6] Unsang Park, Sharath Pankanti, A. K. Jain, (2008), â€Å"Fingerprint Verification Using SIFT Features†, SPIE Defense and Security Symposium, Orlando, Florida, pp. 69440K-69440K. [7] Anil Jain, Yi Chen, and Meltem Demirkus, (2007), â€Å"Pores and Ridges: High-Resolution Fingerprint Matching Using Level 3 Features†, IEEE Transactions On Pattern Analysis And Machine Intelligence, Vol. 29, No.1, pp. 15-27. [8] Mayank Vatsa, Richa Singh, Afzel Noore, Max M. Houck, (2008), â€Å"Quality-augmented fusion of level-2 and level-3 fingerprint information using DSm theory†, Sciencedirect International Journal of Approximate Reasoning 50, no. 1, pp. 51–61. [9] Haiyun Xu, Raymond N. J. Veldhuis, Asker M. Bazen, Tom A. M. Kevenaar, Ton A. H. M. Akkermans and Berk Gokberk ,(2009), â€Å"Fingerprint Verification Using Spectral Minutiae Representations†,IEEE Transactions On Information Forensics And Security, Vol. 4, No. 3,pp. 397-409. [10] Mayank Vatsa, Richa Singh, Afzel Noore and Sanjay K. Singh ,(2009),â€Å"Combining Pores and Ridges with Minutiae for Improved Fingerprint Verification†, Elsevier, Signal Processing 89, pp.2676–2685. [11] Jiang Li, Sergey Tulyakov and Venu Govindaraju, (2007), â€Å"Verifying Fingerprint Match by Local Correlation Methods†, First IEEE International Conference on Biometrics: Theory, Applications,and Systems, pp.1-5. [12] Xinjian Chen, Jie Tian, Xin Yang, and Yangyang Zhang, (2006), â€Å"An Algorithm for Distorted Fingerprint Matching Based on Local Triangle Feature Set†, IEEE Transactions On Information Forensics And Security, Vol. 1, No. 2, pp. 169-177. [13] Peng Shi, Jie Tian, Qi Su, and Xin Yang, (2007), â€Å"A Novel Fingerprint Matching Algorithm Based on Minutiae and Global Statistical Features†, First IEEE International Conference on Biometrics: Theory, Applications, and Systems, pp. 1-6. [14] Qijun Zhao, David Zhang, Lei Zhang and Nan Luo, (2010), â€Å"High resolution partial fingerprint alignment using pore–valley descriptors†, Pattern Recognition, Volume 43 Issue 3, pp. 1050- 1061. [15] Liu Wei-Chao and Guo Hong-tao ,(2014), † Occluded Fingerprint Recognition Algorithm Based on Multi Association Features Match â€Å", Journal Of Multimedia, Vol. 9, No. 7, pp. 910—917 [16] Asker M. Bazen, Gerben T.B. Verwaaijen, Sabih H. Gerez, Leo P.J. Veelenturf and Berend Jan van der Zwaag, (2000), A correlation-based fingerprint verification system , ProRISC 2000 Workshop

The necessary analysis to decide whether to invest in Target Case Study

The necessary analysis to decide whether to invest in Target - Case Study Example Target Plc is not a new name in the retail, food and ingredients industry and is considered analogous to quality and premium branding. The company is a diversified conglomerate having five major strategic segments which are sugar, agriculture, retail, grocery and ingredients. As per the latest financial statements of the company for the annual year 2012, the company is operating in almost all of the major cities of the United States. The vision and mission statement of the company is to achieve strong leadership in the course of business which is sustainable and long lasting. The company always strives to provide quality products to the individuals and other consumers and to become a necessary brand in the people’s day to day active life. Financial Highlight [Annual report Target, 2012 , Pg2] As apparent form the above financial highlight, the company presents a strong financial outlook and appears to be a lucrative company for the investors to invest in. The company has vario us revenue centers through which the company generates most of its revenues. During the financial year 2012, the highest earning revenue center for the company was heath, beauty and households which constituted about 25% of the total revenue of the company. Evaluation of American Retail Market The growth in the American retail market for the financial year 2012 saw an escalation as compared to the previous financial years. During every quarter of the financial year, the retail industry in USA experienced a growth of 1%. The analysts are of the view that this particular growth in the industry is a definite positive sign if it is compared to the last two financial years. The retailing conditions in the past two years remained quite adverse for the companies but now the situation appears fruitful and lucrative for the companies. A Comparison of financial year 2012 with the financial year of 2011 presents that fact that the volume of sales in the retail industry in USA increased by 2.7 percent. Changes in reported retail sales between August 2011 and August 2012 standard reporting periods (by size of business)       Pre-dominantly food Non-specialized pre-dominantly non-food Textile, clothing and footwear House-hold goods Other non-food Non-store retailing Pre-dominantly automotive fuel Total All Retailing including automotive fuel                               increase 107 32 138 72 375 64 23 811 All decrease 97 33 104 77 306 46 50 713    Total 204 65 242 149 681 110 73 1524                               Large increase 66 32 110 42 158 30 n.a. 438 decrease 56 33 73 47 107 19 n.a. 335    Total 122 65 183 89 265 49 n.a. 773 Small increase 41 n.a. 28 30 217 34 23 373 and decrease 41 n.a. 31 30 199 27 50 378 medium Total 82 n.a. 59 60 416 61 73 751 [Ons.gov (1999) Retail Sales: August, 2012] With respect to the sports merchandise business, there were certain hardships that were faced by the retailer. During the year 201 2, costs of both cotton and fuel increased, particularly of fuel which resulted in an escalation in the manufacturing cost of the merchandise. Target has in place an import team which constantly monitors the fluctuation in prices of cotton. For the purpose of reducing the cost of fuel, the retailers are now acquiring the help from the

Analysis of Diane Arbu's Identical Twins Essay Example | Topics and Well Written Essays - 1000 words

Analysis of Diane Arbu's Identical Twins - Essay Example The paper states that Diane Arbus shot her photographs primarily using the Rolleiflex medium format that contained twin lens reflex. These features of the lens provided her photographs with features that were distinct. For instance, most of her photographs, including the â€Å"identical twin,† have waist level viewfinder as well as the aspect of the square ratio. The application and perfect adoption of the techniques of applying the viewfinders facilitated Arbus to connect with her subject perfectly, and beyond the stands of normal eye level viewfinders were able to synchronize the intended photograph. The photograph, identical twins portray the images of two young girls namely Colleen and Cathleen Wade. These two girls are equally portrayed standing side by side juxtaposed to each other with the aim of reviling their underlying identity. Moreover, the girls are addressed in similar attires of matching corduroy dresses with white lase around their necks and about their wrists. Additionally, the photograph clearly indicates that both girls have white headbands about their heads trapping their dark hair. Notably, they are coherently staring at the camera with one of them posing with a slight slime about her face while the other showing a slight indication of sadness. The indicated nature of state of each girl’s face depicts a state of parallelism among these twins. Furthermore, the parallelism may be as well been defined, or portrayed by the haunting nature of the portrait. In summary, it may be certain to say or note that the photograph reveals the photographer’s vision. Some of the photograph scholars had once noted that Arbus was suffering from identity issues. According to Patricia Bosworth, a biographer, Arbus in her career had ever been involved with the question of identifying her identity by comparing herself with other. She once had wanted to determine who she was and who others were. Therefore, the photograph of the twin image is a clear expression that cruxes the vision Arbus ever had. Alternatively, one may argue that Arbus was representing the content of the photograph in the form of normality being freakishness, and freakishness being normality (Krauss 12). According to Arbus, this photograph, of identical twins, was photographed at their tender age of seven years old each. In addition, it is as well apparent to note that the photograph was taken in a Christmas party, the party that was organized for twins and triplets. Commenting on the photograph, the father of these girls once commented that they had never thought such worst likeness of twins ever existed since according to him, they have never seen such likeness among any identical twin he has ever seen. It is worth noting that the photograph of the twins has as well inspired other artworks. For example, Stanley Kubrick reflects the elements of this photograph in the film â€Å"The Shinning†. Two identical twin sisters, with identical pose, are featured in this film. Most of Arbus’ artistic ideas are also reflected in a piece of artwork known as â€Å"Gummo† by Harmony Korine. The artistic elements represented by Arbus in the â€Å"Identical twins† photograph are also featured in a television series episode named â€Å"The Old and The Restless†. About the contemporary photographic work, Arbus is considered as a charitable photographer, in the sense that her work unconventionally related to the subject matter of portraits she presented in her collection. Most of Arbus’ photographs, including â€Å"Identical twins,† portray people or society as living unusual lives, and the same notion was accepted by most societies. Therefore, her photographs depicted what could have been supposed to be the real person. This makes her

Strayer Networking Essay Example for Free

Strayer Networking Essay 1.What two access controls can be setup for a Windows Server 2003 folders and authentication? Authentication and Access control. 2.If you can browse a file on a Windows network share, but are not able to copy it or modify it, what type of access controls and permissions are probably configured? Folder Contents. Read access only 3. What is the mechanism on a Windows Server where you can administer granular policies and permissions on a Windows network using role-based access? Group Policy Editor 4.Relate how Windows Server 2008 R2 Active Directory and the configuration of access controls achieve CIA for departmental LANs, departmental folders, and data. creates security principals in the Active Directory domain partition 5.Would it be a good practice to include the account or user name in the password? why or why not. No it wouldn’t be good practice to include account or username in the password, it would make it easier to break the password using brute-force dictionary attack 6.Can a user who is defined in the Active Directory access a shared drive if that user is not part of the domain? Non domain machines cannot access domain shared folders 7.Can a user who is defined in the Active Directory access a shared drive if that user is not part of the domain? Non domain machines cannot access shared folders 8.Using what you know about access controls, what security controls would you recommend when granting access to LAN systems for guests (i.e., auditors, consultants, third-party individuals, etc.) that will maintain CIA of production systems and data?

Budget 97 :: essays research papers

Budget 97 Finance Minister Paul Martin unveiled the Liberal government's 1997 budget recently. As most economic and political experts predicted there were very few surprises, if any. This was a cautious and predicable budget that was every bit political as it was economical. With the Liberal government set to call an election in late May or early June the Party was very reluctant to rock the boat further. This is what they have done in the 1997 budget and the subsequent reactions to the new budget from both the business and political communities.   Ã‚  Ã‚  Ã‚  Ã‚  In this no-surprises, pre-election budget, Martin said deficit cutting is coming to an end and that Canadians, particularly the unemployed, will soon reap the rewards of 40 months of strict financial management. With the Federal deficit dropping over the last few years, the Liberals feel that they can balance the budget in the next two years. This is important because it will allow the government to halt their foreign borrowing to finance the deficit. This greatly helps the credibility of Canada and puts the country's destiny back into domestic palms. With this said, Martin announced no new tax increases, although the raise in the Pension Plan could be considered a hidden tax increase. Martin announced no new spending cuts in this budget although cuts made in previous budgets are set to slash 3 billion more dollars this year. There was some extra spending sprinkled into various areas. For starters, a new tax benefit will be created in co-operation with the provinces, costing the Federal government $600 billion. This program is attempting to help the poor and this can be effective economically because poor people tend to spend everything they have, and they almost always spend it domestically. This program will be introduced in two the stages, the first of which will begin this July with a $195 million supplement. Instead of benefits being capped at $500 per family, the maximum working income supplement benefit will be increased to $605 for the first child, $405 for the second child and $330 for each additional child. Other expenditures will be include; tax credits for students, $300 million in new health care funding and tax credits for medical expenses of the disabled. Depending on how you look at it, Martin is either spending more or just cutting less.   Ã‚  Ã‚  Ã‚  Ã‚  There have been many contrary viewpoints that economic and political leaders have thrown out and most are unsure. It appears that Martin has created a no-brainer budget that doesn't do anything to hurt but does not make Canadians feel better either. Martin was expected to put money into job creation in order

Analyse Obamas Speech Back to School Essay

Essay: Barack Obama ´s speech †Back to School† A good education is important for the society. If you have a good education, you can get out of poverty and break the social heritage and thereby help yourself and the society. This is some of the things Barack Obama enters in his speech. The speech was given at Wakefield High School in Arlington, Virginia on September the 8th in 2009. The sender is Barrack Obama – the president of the United States of America. He gives the speech to students in connection with the beginning of the new school year. The intention with the speech is to get the students to take responsibility for their education, themself and take school seriously. The Presidents message to the students is that a good education is as important for their own future as for the future of the nation. The speech is composed in a classic way! First comes the opening. â€Å"Hello everyone – how’s everybody doing today?†(P.1 l.1) Here Obama already tries to get at the same level as his audience, despite his status. Then he tells some background information’s about his own childhood and schooling. Then all the argumentation comes and he makes it clear what the point of the speech is. At the end he sums up the main points, and makes the importance of an education quite clear for the students. This â€Å"construction† makes it really easy to follow and understand the speech and this is very impotent, when he is addressing the speech to younger people. All along Obama don’t speak academically; he is really trying to reach the young audience. Obama makes good use of the classic Appeal form in his speech. He uses among other ethos that combined with his presidency gives reliability. Pathos he use, when he gives examples from his or Michelle Obamaâ €™s own childhood. Such as in line 76-78 â€Å"Neither of her parents had gone to college, and they didn’t have much. But they worked hard, and she worked hard, so that she could go to the best schools in this country.† He appeals to their feelings by saying that she came from hard conditions, but despite this she did well. It is the good example he gives. On page 3-4, he gives examples of a girl who could not speak English, when she started school. And a boy with brain cancer, and a girl that grew up in one of the toughest neighborhoods. But because they fought for what they wanted, they managed well. He tries through the good examples to say that you can break the social heritage and that everything is possible. Obama uses logos during the entire speech as he appeals to common sense with his audience. Like when he in line 49 says that â€Å"You can ´t drop out of school and just drop into a good job. You’ve got to work for it and train for it and learn for it.† When he says that you must have an education to get a good job and that you have to work for it. This is already something people know, he just confirms it! Throughout the entire speech he repeats two words again and again in the beginning of a sentence: †I know†¦ † and â€Å"I expect †¦Ã¢â‚¬ . He use â€Å"I know† when he is refe rring to his own life; a pathos speech construction. He use â€Å"I expect† when he use logos and this gives his words more substance, because you get really focused on the things that are repeated. So those two examples are used to get the audience to really understand his messages and what he expects. But also that he have been in the same place as them, so he knows their feelings. Obama is in his speech talking a lot about responsibility. He is talking about, that teachers, parents and the government have a responsibility to support and help the students to get an education. But it will not make a difference, for as he says, â€Å"you as a student do not take responsibility, for your own education†. With this he puts a lot of pressure on each student and this does not help when he in line 166 says â€Å"don’t let us down- don’t let your family or your country or yourself down†. There is a lot of pressure in this because he almost gives them the responsibility for an entire country. He encourages them however by saying that â€Å"Every single one of you has something you’re good at† (l.36). And, that no matter what goal they set themselves in life, they must work hard for it, because not everybody succeeds on the first try. This he supports by giving examples of famous people like JK Rowling and Michael Jordan who have failed many times before they succeed. He uses a quote by Jordan in line 130 â€Å"I have failed over and over and over again in my life. And that is why I succeed.† He recognizes that some people have it worse than others because of their financial status, their looks or ethnicity, but â€Å"That’s no excuse for not trying† (line 86-87); a value typical for Americans. Obama is also talking about the American dream, which is based on the idea that you can ​​create your own happiness and future, captured in line 89 â€Å"Here in America, you write your own destiny. You make your own future.† Like the American frontiers from the early 20th century, where every man had a dream about starting a new and better life. Obama’s intention with this speech has been to convince and motivate the students to stay in school and work hard for an education, because this is so important for their future. The intentions have also been to encourage the students to take action, take school seriously and take responsibility for their education. By using different rhetorical techniques such as repetition, appealing to the emotional, using a line of questions and leveling himself with the audience, he achieves some very convincing arguments. He is addressing himself to his young audience with empathy, and reveals his own story to them which helps making the distance between him and his audience smaller. I think Obama has made a fantastic and inspiring speech. A speech that is extremely well composed to the audience, using ethos, pathos and logos in a brilliant way, securing that his messages and the mission with his speech comes out in a very motivating way, even today! I also believe that Obama is very well aware that his speech is public and not only for the student audience, in the way that he appeals to all, the students, parents, the government and the entire nation.

Joint Venture Essay

Joint ventures are business ventures formed by two or more companies to achieve aspecific, but limited, objective. An example would be the development of an offshore oil field, where a group of companies combines to build and operate a drilling platform and related pipeline. The project is owned equally by the affiliated enterprises and its management could be controlled either by one of the partners or by a separate management could be controlled either by one of the partners or by a separate management organisation established just for the project. The venture may be organised as a partnership ,a corporation ,a joint-stock company or some other legal form, and it can contunieindefinetly.The rational for a joint venture is usually to diversify risk among the members and or to combine expertise and assets that none of the participants provide alone. : Roy L.Crum,Eugene F.Brigham& joel.F.Houston.(2005)Fundamentals of international finance.1st edn. THE ADVANTAGES OF JOINT VENTURES: * Access to expertise and contacts in local markets, each partner agrees to ajoint venture to gain access to the other partner’s skills and resources. Typically the international partner contributes financial resources, technology or products. The local partner provides the skills and knowledge required for managing a business in its country. * Reduced market and political risks * Economies of scale by pooling skills and resources(resulting in e.g. lower marketing costs) * May avoid local tariffs and non-tariffs barriers * Shared risk of failure * Possibly better relations with national governments through having a local partner. THE DISDVANTAGE OF JOINT VENTURES: * Objectives of the respective partners may be incompatible ,resulting in conflicts * Contributions to joint ventures can become disproportionate * Los of control over foreign operations * Completion might overburden a company’s staff * Partners may become locked into long term investments from which it is difficult to withdraw * Cultural differences may result in possible differences in management culture among participating firms * Problems of management structures and dual parent staffing of joint ventures. * Transfer pricing problems as good pass between partners Sven hollensen.(2004)global marketing(adecision-oriented approach).3rd edn.

Free Essays on A Successful Relationship

There are three main stages in a relationship. The first key element in a relationship is to begin by dating the person you feel the most attraction for; this is the easy part. After this, the next fork in the road entails taking the relationship to the next level, and marrying your soul mate. Finally, your hardest challenge arrives. This challenge, of course, includes the biggest day in your life: the birth of your children. In a nutshell, this is how a relationship evolves and remains successful and alive. Dating a person is the most important part of a relationship. This is how you know if you are compatible and if the relationship will last. There must first be sparks between the two of you. Whether you meet in school, work, or between mutual friends, you must be somewhat attracted to this person. It does not necessarily have to be a physical attraction, but it can also be a mental fixation. Now that you have the attraction, you must now get up the courage to ask this person out on a first date, also known as â€Å"Gettin’ up the gusto.† You have gotten over the hard part, asked the girl out, and she has said yes. Now comes preparation for the first date. You want it to be amazingly perfect, and a night that she will never forget. Now you must do a little bit of research to find out more about her and what she likes. You may just come out and ask her to get to know her better, or ask her friends what she is interested in. This includes anything from what sports, if any, she is into, her favorite color, flower, or food; what kind of movies she likes, and what she does to have fun. For instance, if her favorite flower was daisies, and her favorite food was Italian food the perfect date would be to go and hand pick a bunch of daisies for her, and then proceed to the best Italian restaurant in the city. It would be the most thoughtful and ... Free Essays on A Successful Relationship Free Essays on A Successful Relationship There are three main stages in a relationship. The first key element in a relationship is to begin by dating the person you feel the most attraction for; this is the easy part. After this, the next fork in the road entails taking the relationship to the next level, and marrying your soul mate. Finally, your hardest challenge arrives. This challenge, of course, includes the biggest day in your life: the birth of your children. In a nutshell, this is how a relationship evolves and remains successful and alive. Dating a person is the most important part of a relationship. This is how you know if you are compatible and if the relationship will last. There must first be sparks between the two of you. Whether you meet in school, work, or between mutual friends, you must be somewhat attracted to this person. It does not necessarily have to be a physical attraction, but it can also be a mental fixation. Now that you have the attraction, you must now get up the courage to ask this person out on a first date, also known as â€Å"Gettin’ up the gusto.† You have gotten over the hard part, asked the girl out, and she has said yes. Now comes preparation for the first date. You want it to be amazingly perfect, and a night that she will never forget. Now you must do a little bit of research to find out more about her and what she likes. You may just come out and ask her to get to know her better, or ask her friends what she is interested in. This includes anything from what sports, if any, she is into, her favorite color, flower, or food; what kind of movies she likes, and what she does to have fun. For instance, if her favorite flower was daisies, and her favorite food was Italian food the perfect date would be to go and hand pick a bunch of daisies for her, and then proceed to the best Italian restaurant in the city. It would be the most thoughtful and ...

Literature Review Research Paper Example | Topics and Well Written Essays - 2250 words

Literature Review - Research Paper Example The aim of this paper is to discuss the psychological disorders among the children and adolescents, and the interventions necessary to improve the productivity of the children and teenagers with the disorders. Key words: disorders, psychological and interventions. Psychological Disorders Introduction A psychological disorder is a pattern of behavioral or psychological symptoms that impact multiple life areas or create distress for the people experiencing these symptoms. A mental disorder is a psychological pattern or anomaly, which is reflected in behavior. Mental disorders are defined by combination of how an individual feels, acts, think or perceives. According to the World Health Organization (WHO) Report of 2007, over a third of people in most of the countries report problems at some point in their life, which are diagnosed as mental disorders. Child and adolescent mental disorders are common problems experienced by these groups. The disorders can affect the productivity of the c hildren and adolescents just as it has implications on the adults. The aim of this paper is to examine the different types of inventions that that can be put in place to enhance the productivity of the children and adolescents who have the psychological disorders. ... The root causes of mental disorders vary and in many cases they are not known or they are unclear. The people suffering from mental conditions can only access their specialized treatment from mental health professionals. Psychiatric treatment and psychotherapy are the only two major treatments for those suffering from mental disorders. Mental disorders treatments do not really require specialized treatment in terms of offering medicines to the affected people, but actually require psychological treatments. This is where the psychologists or the psychiatrists come in to help these patients. Here, the patients undergo through a therapy session with the psychiatrists, which helps them overcome the conditions they face. In other words, basically, psychiatric treatment and psychotherapy are the most common methods that are used to treat mental related disorders. These types of treatment help a lot in treating these disorders, which are usually very dangerous when not well treated. In fact , if not well treated, they can cause a lot of damage and sometimes even death and so, they should be treated as soon as possible to avoid further damage on the affected person. If the people having these disorders undergo through psychiatry or therapy sessions, they start recovering slowly by slowly, and eventually recover completely. Most studies on mental illness have focused on the psychological disorders in adults. It is just of recent that there has been some focus on the mental illnesses of children and the adolescents. The researchers are now examining the growth and development of children as they try to establish what is normal and what is abnormal. The key goal of the researches is trying to study the childhood development in view to try and predict and

Third world country Essay Example | Topics and Well Written Essays - 250 words

Third world country - Essay Example Kenya is an emerging nation, which predominantly produces agricultural trade outs. The nation has enormous economical labour, which supports agricultural activities. Furthermore, the state has lush land that supports an assortment of agricultural activities. As such, farmer incurs minimal firming relative to other states, which may require irrigation to sustain agriculture. Overall, the nation can produce agricultural products like coffee or tea cheaply owing to factors that favour firming of the above commodities notably cheap labour and apposite weather. Conversely, Kenya encounters multiple hurdles in manufacturing owing to soaring expenditure on inputs. Consequently, the merchandise manufacture in this country lack competitiveness. Conclusively, Kenya has a comparative benefit generating agricultural commodities relative to manufactured merchandise (Kenya Investment Authority, 2011). Germany constitutes the elite nation with a diverse economy. Notably, manufacturing make a sizeable contribution to the economy. The country prides in phenomenal level of technology. The country has apposite technology that support manufacturing. Specialization has allowed mechanization to replace human labour reducing expenditure thus boosting efficiency. Germany has enough natural resources that avail a required component that sustain industrialization. Evidently, this country also possesses the required expertise to support manufacturing. Manufacturing particularly in the automobile sector necessitates expertise. Accordingly, presence of the relevant expertise has enabled Germans to undertake exceedingly technical manufacturing. Evidently, Germany has relative lead in manufacturing. The advantage arises from certain trait that the country possesses. Consequently, Germany leads in automobile assembly in Europe. Conversely, the unfavourable environmental condition makes agriculture an unviable option. Conclusively, adhering to this model would culminate in

Abelard Meets Heloise-Dante and the Three Kingdoms Essay

Abelard Meets Heloise-Dante and the Three Kingdoms - Essay Example This particular piece depicts purgatory, hell, paradise on earth (the Garden of Eden where Adam and Eve lived) and the earthly spheres. Michelino took the name of his teacher and used it as his own Leighton was the son of an artist by the name of Charles Blair Leighton. Edmund was born in London and was known in his adult years for his extremely skillful craftsmanship. He central medium of use was paint and he mainly focused on works depicting regency and medieval subjects. His particular piece known as Abelard and His Pupil, Heloisa depicts a taboo encounter between an instructor and his pupil. The painting shows a beautiful Heloisa leaning slightly into the left side of her seated master Abelard. The body language is the indicator of the manner of their relationship. This particular love story is said to be the saddest love story to ever be told. Raffa, Guy P. â€Å"Dante World: A Reader’s Guide to the Inferno† Chicago, University of Chicago Press, 2007. This particular work is specific more to understanding the almost otherworldliness which Dante’s writings contained. This writing was then translated into numerous forms of medium and are still assimilated with religion today. Understanding the premise for Dante’s views allows the observer to discern more detail and meaning in the recreation of Dante’s world done by Michelino. Snell, Melissa. â€Å"Peter Abelard: Article from the 1911 Encyclopedia† The New York Times, 2008. This particular article provides details as to who Abelard was. It describes him as a scholar of Philosophy who eventually fell in love with his pupil, Heloise. By understanding this love affair and who these individuals were, one can better grasp and appreciate the artistic rendering of them by

Government economic policy Essay Example | Topics and Well Written Essays - 2000 words

Government economic policy - Essay Example This paper describes main economic objectives set by different governments all over the world and the its economic policies carried out by them to guide the economy towards achieving these objectives. The policies of governments can be referred to as macroeconomic policy while the policies of smaller entities like business organizations are called micro economic policies. Both these sets of economic policies have a dynamic relationship with each other and affect each other significantly. Both these sets of economic policies have a dynamic relationship with each other and affect each other significantly. There are four economic objectives that are espoused as standard. These are: full employment or stated low unemployment; stability of prices; rate of economic growth, determined by the government; and the maintaining of the Balance of Payments in equilibrium. In its simplest form full employment measures those who are employed out of those who are employable.The attraction in full employment as an economic objective is the potential it provides to maximize production while leading to enhance standards of living. The reverse side of the coin is that it reduces economic and thereby social dysfunctions. Managing inflation to an acceptable level is the objective of price stability. In recent times there are other objectives that have been added on to the macro economy and they have to do with the management of the social and natural spheres through macroeconomic policy. One such an objective is ensuring a more equal distribution of wealth in society and the second is the managing of the environment to ensure that economic activity does not adversely affect the environment ... It also makes sound decision making and allocation of resources more tedious. Inflation is measured as the annual rate of change of the Retail Price Index (RPI). When inflation is kept low prices remain stable, which augurs well for all governments. The next objective refers to economic growth. It is deemed as attractive when the rate is both high and can be sustained. The measure used is the rate of change of countries Gross Domestic Product. The effect of inflation has to be negated for it to be an acceptable measure therefore what’s measured is real GDP, which is GDP with the effect of inflation negated. The final of the four traditional objectives is the maintenance of the balance of payments equilibrium. This could also be called maintenance of external stability, which in turn ensures confidence in the international markets of a countries economy. Managing the foreign debt of a country does this. In recent times there are other objectives that have been added on to the m acro economy and they have to do with the management of the social and natural spheres through macro economic policy. One such objective is ensuring a more equal distribution of wealth in society and the second is the managing of the environment to endure that economic activity does not adversely affect the environment like the depletion of resources to levels where it cannot be replenished or pollution. Economic policy actions can vary from manipulation of interest rates by a central finance authority such as the Federal Reserve, regulating the expenditure of governments, taxes as well as interventions such as property rights of private individuals. An example of such

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