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

Death of a Salesman :: essays papers

Death of a Salesman Ben as a Minor Character Who Develops the Play In Arthur Miller’s, Death of a Salesman, the character of Ben is used as a catalyst to fuel the development of the main character, Willy. Ben appears in three major flashbacks throughout the story. In the first flashback, Ben makes his appearance to give Willy happiness because to Willy, money means happiness. The second time Ben appears, he is used as a scapegoat to show that Willy has a hard time dealing with the truth. The third and final time that Ben appears is in Willy’s hallucination to help him decide on whether or not he should commit suicide. Through a comparison and understanding of each of these occurrences, the reader is able to gain vast knowledge of who Willy Loman actually is. These flashbacks and hallucinations show how Ben’s character is used as a device to allow the reader to understand what is actually going on inside Willy Loman’s mind. The first time Ben appears is in a flashback within Willy’s mind. This flashback is used as an interruption of Willy’s feelings of inadequacy about his present situation. Willy has returned home from a selling trip, unable to concentrate and unable to keep his mind in the present. Ben appears as an archetype for Willy’s inability to face the truth, a way for him to forget about his present condition and feelings. This flashback with Ben provides the reader with a large amount of information about him, and, thus, about Willy. The reader first learns that Ben is much wealthier then Willy, and, while they are brothers, they did not grow up together. The reader also learns through the flashback that Willy idolizes Ben, though they have never been close. Willy comments, â€Å"Ben! I’ve been waiting for you so long! What’s the answer? How did you do it?† obviously showing Ben has achieved what Willy wishes. The reader realizes that Ben h as made a fortune by â€Å"walking into Africa†. He has prospered by essentially using other people for what they can give him. â€Å"When I was seventeen I walked into the jungle, and when I was twenty-one I walked out. And by god I was rich† . The reader learns about the character of Willy because he completely believes that this is an excellent way to make money.

Merits and Demerits of the Internet Essay

What are the Merits and Demerits of internet Merits †¢ Shopping: Along with getting information on the Internet, you can also shop online. There are many online stores and sites that can be used to look for products as well as buy them using your credit card. You do not need to leave your house and can do all your shopping from the convenience of your home. †¢ Online Chat: There are many ‘chat rooms’ on the web that can be accessed to meet new people, make new friends, as well as to stay in touch with old friends. more marites of internet are that we can search any thing easily . e get a lot of knowledge from internet. Demerits †¢ Pornography: This is a very serious issue concerning the Internet, especially when it comes to young children. There are thousands of pornographic sites on the Internet that can be easily found and can be a detriment to letting children use the Internet. Spamming: This refers to sending unsolicited e-mails in bulk, which serve no purpose and unnecessarily clog up the entire system. there are many more demerites of net What are the merits and demerits of electronic media? Television spreads information in an accessible format to viewers quite quickly. When an important event occurs, the audio and visual proceedings of that event can be broadcast in order to inform viewers of the event. This of course requires the proper technicians, reporters/journalists/broadcasters/etc. , equipment, timing, and infrastructure that work behind (and in front of) the scenes to bring a programme to the viewers. When information is presented, such as a political party’s platform, television can be quite useful to a viewer. Of course, a fundamental problem arises when a company needs to hire and maintain the infrastructure needed to perform the television service: they need money! Unfortunately for television, there are numerous other sources where one may obtain information (the internet, newspapers, radio, word-of-mouth) and therefore television must find methods of attaining and maintaining viewership. [Of course, viewership allows the company to provide an advertisement space that is very lucrative for other companies. ] These methods may include: †¢ Quick reporting – the fastest person wins, sort of thing. This tends to be inaccurate and speculative in nature, but does provide instant viewership. †¢ Sensationalism – attention-grabbing, controversial programming. Tends to focus on wild or shocking stories rather than â€Å"boring† (although possibly more important) issues. I could go on, but that’s a good place to start. When I say TV, I immediately think entertainment. Therefore it may have started purely as an entertainment method. We will never know 🙂 However, with the current events these days, network/TV bias is playing a large role in politics among other things. Something else you could look into.

Macbeth’s diary

On the day that the battle had ended, I galloped through the misted heath on my valiant steed. Along side my trust worthy, noble partner Banpuo. The battle had been against the traitors of the king's victorious country. As I galloped I looked apon the heath as if it was my own. Our clothes dripped with the blood or the rebels. One clear image remains, an image of McDonald, and I, Macbeth, unseaming him from the nave to the chop. In the distance were three figures. As they became clearer I sensed that Banpuo became unsteady on his horse. As we continued the figures also continued to become clearer. The figures were not man or women. Not black or white. An expeditious decision led me to believe that the figures were witches. At that point I became uneasy on my steed as my fear grew. I stepped down from my horse closely followed by the brother I never had. Banquo gasped I breathed in deeply and stepped forward. He then asked how far isn't called to Forrest. He rapidly stepped back, I followed his eye movement and it was at that moment I realised that they were not to be taken lightly. Then as I stared in horror and a slight fear, Banquo began to speak. I then stood straight demanded for them to speak unless it was beyond their ability. They stepped forward and then they began to reveal themselves to us. They called upon me as my thane name. I lowered my head a little so that they would know that this was I. I looked at Banquo, he seemed to be as confused as I was. Then a second stepped forward. It also called out but this time of a different name. ‘Thane of Cawdor' is how they addressed me. So many questions went through my head. How Thane of Cawdor – he still lived. Then before I could ask myself any more questions, a third stepped forward to join the other two. Only this time it said, â€Å"All hail Macbeth! That shall be king hereafter!† Those words where the so exhilarating but at the same time I had so many questions. How? The king had two sons. I was no relation. But what if it was true how would it happen I could only think of one thing. No it will not happen. The only reason I met the witches was because I was on my back form a battle in which I had fought for king and country. Then I looked at Banquo; he then asked me why I seemed to fear. After he spoke this he stepped forward and wanted to know his destiny (if that was what they spoke of or maybe it is truth.) Then all three witches hailed Banquo but I was put to rest when they said â€Å"Hail Banquo lesser than Macbeth† I let out a sigh, â€Å"But then greater†. How greater than king. If I was to become king I knew that he couldn't be better than be as I had been greater than he had all of my life. Then the witch's started to drift away but they would not. I demanded for them to stop but no such reply did I get from the imperfect speakers. I was shocked yet all I could think about was why would Banquo's sons be king and not my own. I looked back at were my horse stood. I climbed upon my trustful steed and galloped deep into the heath with Banquo aside me. I recall the sound of footsteps. In front of us were Ross and Angus bringing news of the king's greatest gratitude. I was showered with praise then I heard what would be some of the most memorable words in my intire life. † And, for n earnest of a greater honour. He blade me from him call thee thane of Cawdor† Banquo yelled out in my presence â€Å"What can the devil speak true?† A thousand questions trust trough my mind. How, Why. The thane of Cawdor still lived. Was it a joke? No truth was spoken. I asked them why they dressed me in borrowed robes. They told me how he was under heavy judgement. I remember asking Banquo if he hoped that his children would be kings. As the first part of the devils words came true for me. I thought about the two truths that they spoke off. I was rapt. I felt as if I cleaved not to their mould. I wondered whether the message was good or bad. I had a very sudden thought. A horrid image or death and murder, evil. I was given the titles Glamis and Cawdor with out killing but then again king is a much greater title. I wanted to see the king maybe to remind myself of the good man that he was. I stirred, I was horrid, Banquo seemed to want to go but I was still very weary of what Banquo was feeling. I felt anxious to be king for it was always my dream it brought back memories and dreams that I once had to be king. Would they finally come true? Before I left I sent a letter to my dear wife telling her of my encounter with the witches and my thoughts about Banquo's supposed future. As Banquo and I fled into the castle accompanied by Ross and Angus, King Duncun labelled me worthy cousin. At this point in time I was overwhelmed with emotions. I was proud because the king of Scotland said that I as his worthy cousin. But also that it was another reason for me not to kill him after all being labelled a worthy cousin of the king is reward in its self. I was smiling but I couldn't help but wonder to myself if I was just pretending to like when I knew that it would only fill me with more contrition than I already had. I told Duncun of how I owed him everything and that doing it was a reward in itself. How could I lie to my king? I told him â€Å"Is to receive our duties; and our duties are to your throne and state, children and servants.† Then to my complete amazement he announced that he would be coming to my house for a feast. I was over come with astonishment. The king at my house it was such an honour but then after thinking that It was an honour I thought of how uncomfortable I would be knowing that I was thinking about, about murdering the king. Then with out anyone knowing he announced that his son was the new prince of Cumberland. This meant that he was inline to be the next king. So any hopes that I had of me getting the title without doing anything had disappeared. It was at this moment I felt more strongly but also scared about killing the king after all he was my king. The man who gave me such titles as, Thane of Glamis and Thane of Cawdor. As I left the room I tried to find something to hide my anger. So I looked to the stars and asked the solemnly, † Stars hide your fires! Let not light see my black and deep desires.† I wanted to be hidden so that all of my raging anger was concealed. Then I solidly remember what was going through my mind I was thinking and looking at my hand, the hand that might possibly kill the king of Scotland. I wrote a second letter to my wife telling her that the king was coming to our house but also some of my thoughts I didn't want to trouble her with all of them. As I set off the king told everyone to follow me and that I would bid them all welcome to my home. As we all arrived at my castle my wife greeted me not by darling or husband but as great Glamis and worthy Cawdor. This one a exceedingly special occasion for me because my meant so much to me that I felt so proud and just happy. Then I told her when Duncun was coming and when he would hence. As we began to talk about the letters, the witches and all of the happenings she began to seem determined and different in someway I can't explain how. The banquet was set for the king but I could not stay in the Kings Company. The guilt of my thoughts was too much. I was struggling with my conscience. I remember thinking that is I was to it, it would have to be done quickly with no hesitation. But he was a fair king how could I do it, he was such a gentlemen. I was his host I was surpposed to close the door on the murderers not bare the knife myself. If I were to do it there would be tears all over the kingdom and everyone would mourn his death. How could I do it to such a dear and well thought of man? My wife came to speak to me and asked why I left the banquet, I didn't answer, I just wanted to know if he had asked for me. She said no but she also started to insult me because I told her that we would not proceed any further in the business. She was using language that she of all people knew would agitate me no end. I told her to stop but she wouldn't if I was to do. This then I would a monster. I tried to be the best that I could be but for some reason it was only now I felt as if it was insufficient. Then I began to wonder what had changed as she said, â€Å"Be so much the man†¦. I have given suck, and know how tender't is to love the babe that milks me.† Had she really changed or was she just trying to shock me into the action. Either way I felt as if it was working. But what if we should fail? My doubts grew yet as she answer they all began to dissolved like a drug in water. I began to feel as if my wife was stronger than I was. I was just filled with a feeling of confusion. Then out of nowhere she suggested to blame the guards that would lay outside the king's chamber. Then I told her that she should only give birth to males. I couldn't kill him; she must have seen my doubts in my expressions because once again she began to attack my manhood. Then putting my entire disbelief aside I settled on the decision that I would do it I would kill the king of Scotland. I would kill him but until then I would be like a flower hiding the great serpent. As I walked through the long corridors that seemed never ending, I recall seeing Banquo and his son Fleance. I felt so much guilt for the intense concoctions that brewed in my mind. When Banquo informed me of his dream about the witch's I was overwhelmed with guilt for lying to such a pure man. As I left Banquo I proceeded along the long and winding corridors, a fatal vision appeared before my eyes. Could the mind create such a false vision? I said to myself. As I looked closer it seemed to resemble a dagger of my own. I reached for my dagger grasping it but never taking my eyes of the dagger. Then I tried to grasp it but to my own amassment my hand went straight through it. It began to move, so I followed it my heart pounding like the drums at a beheading. I was short of breath and my mouth was completely dry. Whilst I was following the knife I realised that it was leading me to the king's chamber. I felt as if the witches were there, that they were influencing me but I still decided to follow the dagger. I felt that on a night such as the one that night there was evil in the air. Then out of nowhere gouts of blood appeared on the dagger dripping from the tip. This disturbed me because even though I have seen lots of blood before never the kings. I felt like a ghost, almost invisible as I walked through the passages getting closer to the King's room. All of a sudden the bell that invited me to Duncun's murder chimed. The bell of Duncun's death called me. I looked out of the and then for the first time taking my eyes of the bloody dagger. I peered out of the window and found myself lost in thought. I was sweating and was very hot I went into the room were the king lay asleep and the deed was done†¦ Then suddenly I heard footsteps I felt uneasy and quit scared. My mouth became dry once again and my palms became very sweaty. Then my wife appeared I was breathing heavily. With two bloodstained daggers in my hands. I told her that the deed was done. I began to hear things. I was extremely effected by the murder that I had committed that I had forgotten the instructions that my wife had given me. As I had still had the bloodstained daggers in my hand which dripped the blood of Duncun. I told her that I was never going in there again. I just couldn't go back in the room were the king had died, were he was murdered, by me. Her anger was immense she quickly took them from me and followed her own instructions. I remember feeling and knowing that I would be dammed for this dishonourable crime that committed. I was looking at my hands so red so wet†¦ so bloody. Such a sight will remain in my mind forever! I heard one of the guards screaming murder! He was saying prayers. I was so frightened. I was sweating; I could feel the river flowing down my back and trickling down my forehead down to my nose then into my mouth the salty sensation almost took my mind of the murder. Only to be interrupted by my oh so changed attitude from my wife. It was remarkable; I didn't know that someone so close to me, someone who I had known for so long could change so quickly and considerably. I would sleep no more. I felt so scared that I would never sleep or even be able to rest again. I could never of thought that this murder would effect me this much but it did and that in itself confused me. I was indescribable fear. No words can say what I was going through. It was the worst moment of my life. Suddenly there was knocking at the door, which gave me a fright, I yelled with no hesitance, â€Å"Wake Duncun with thy knocking! I would thou coulst!† I regret saying this, and then my wife dragged out me away. As I walked down stairs in a fresh set of cloths Macduff and Lennox were there. Macduff asked me if Duncun was awake, so I took them to Duncun as we walked Lennox and Macduff kept on asking me questions. Each time I was filled with dread and deep remorse. Almost every sentence from my mouth was a lie. Then we arrived at the door; I was the only one there who really knew what was inside. Macduff went inside the room, whilst Lennox and I stood outside. He was telling me about the weather last night, he was taking about hearing screaming and strange things happened. I was being eaten from the inside. Macduff ran out of the chamber and screamed â€Å"O horror! †¦ Horror! †¦ Horror!† We both asked what he was talking about, I felt expectant, and I was just waiting for him to say it was Macbeth who killed him but he didn't. Lennox was confused but I knew what he meant. We went into the room and we looked around. Outside I could hear Macduff shouting things like, † Ring the alarm bell!†¦ Murder and treason!† Everyone was outside so I killed the guards and made it look like an act of anger when I did this I thought that it would take the focus from me but to Macduff it just made it worse. He asked my why I did it, I thought that he was suspicious, I told him that I couldn't help it and that I was so angry that I saw the blood on them and their daggers that I just lashed out. My dear wife then fainted, I think she did this because she knew that I was not up to talking to anyone at the moment and I might have broken down. Then Banquo said something unforgettable to me, â€Å"And question this most bloody piece of work to know it further.† I knew that he would be suspicious. He thought that there was more to his death. This made me very worried I thought that I had very good reason. I thought that I was finished. I mean he was there when I met the witch's. Then with good reason the two sons of the king Donalbain and Malcolm fled the country afraid of their own lives. So I, Macbeth, was crowned the new king of Scotland my coronation was brief but for filling I was proud of myself even though I was not proud of what I did to do it. Then came the day after my egotistical coronation. I felt so much better because I was organising a banquet to celebrate my coronation. I saw Banquo in the morning and questioned what he was doing for the day. I told him that I wanted him to come to the banquet. Banquo and Fleance left for a day of hunting. I spoke to the rest of my men and told them that they could have the rest of the day of until seven o'clock when they would all attend the banquet. As everyone but one of my many servants left the room, I told my servant to fetch me those men. As I was left alone I began to speak to myself and re assure myself that I had to do this to keep my crown safe and that I needed to be done if I wanted to keep my crown. He was the competition he would produce a long line of kings, inless I stopped him and to do that I would have to kill him and his son. For the first time I felt determined but I also felt something's that had been frequent in my feelings like fear and anger. If I wouldn't keep the crown then it was fruitless. I was not willing to let that happen so I decided that when the murderers got back I was to give them the go ahead, to kill Banquo and Fleance. My servant and two murderers came through the door. I didn't want to speak with them for long so I just told him that Fleance's death was just as important as Banquo's and that it must be done far away from the palace also that it was to be done that very same night. Even th ough I was swamped with guilt and anger I also knew that it had to be done. I didn't tell my wife, I locked her out because I had a feeling that she wouldn't be able to deal another murder. I went to see her; she was my clueless wife. I was trying to protect her, I told her, â€Å"Thou know'st that Banquo and his Fleance lives.† Something would be done when the darkness came then I would be jocund. Then I left her to get ready for my Banquet to celebrate that I became king. The Banquet was ready everyone had arrived accept for Banquo, I walked swiftly into the room and the atmosphere was like no other. Everyone stood up and applauded me. This was the proudest moment of my intire life†¦ king such an achievement, I thought it could only be dreamed about until that moment in time. As my lords who were once my fellow fighters stood up I looked around but did not see Macduff. But at that moment in time I want bothered. I could feel my jaw aching from the full smile on my face. I looked around and saw a spare seat upon my men and lords so I walked over and sat with them. I did this so that they would think of me as a peoples king, a good king. As I began to sit down. Lurking in the doorway was one of the murderers walked over to him and said, † There's blood upon thy face!† To my greatest satisfaction he told me that it was Banquo's blood. I told him that it is better on him than inside Banquo. He told me of how he slit his throat. Relief ran through my veins. But before I got to excited I asked about his, but there was no such luck to be had there. He notified me that he had run away. I was filled with dread something had to be done but what I didn't know what. I was filled with complete horror I was shocked, mortified and extremely troubled. I melted into as much fear that was in my bones when I committed the murder of Duncun. As I turned round I tried my best to be strong; I fled back to the spare seat only to be greeted by the cold corps of Banquo. All I could do was shout which one of you has done this? â€Å"What my lord?† They were totally clueless; I reacted to the goast almost screaming at it, Thou canst not say I did it! . . . Never shake thy gory locks at me! My wife then whispered to me, â€Å"Are you a man?† I told her that I was but a bold one, she kept answering back so I told her to look and behold. Then the ghost disappeared, I told her victim's appered with twenty mortal murders on their crowns, and push us from our stools. This was stranger than such a murder was. Then I spoke to my company and told them not to look mutely at me. Then the ghost reappeared at first I didn't see it but when I did I quickly reacted by yelling avaunt and quit my sight! Let the earth hide me. The reason that I remember so much about it is because it was such an ugly sight that I will never forget what I had to say to him or it. My wife lied to my guests telling them that I was ill. Then I carried on shouting, screaming trying to scramble to safety in my mind. It disappeared so I said †¦why so †¦ being gone. I was still unaware that only I could see the ghost, I was speaking to my guests but I don't remember what I was saying. Ross then said, â€Å"What sights, my lord?† It was only now that I finally realised that only I could see the ghost, my wife told everyone to leave us and Lennox told me to have better health. After everyone had left I told my wife that there was no going back and that I would be punished for this. I decided to go back the witch's, I am determined to know what's going to happen to me next. I knew that I had to find out what was to come and if it was worse than had already come. Before I left I asked if she had noticed if Macduff was at the banquet that started of to be a celebration. She said no, so I began to worry about his suspicions and why he wasn't there. Having found no conciliation or help I decided to go to bed and then in the morning return to the heath where it had all started. After a restless night, I had decided to go to the heath to find the witch's. As I arrived at the heath upon where we had first met I saw the hags and addressed them for what they were. When I called them old hags it was to try and show them that I had more power than they did. I soon realised that they were not afraid when then replied, † A deed without a name.† This worried me slightly, I remember thinking what I was thinking trying to overpower such evil. I demanded to know what was coming I educated them with what I had to say. Then I told them that I demanded them to see their masters and not hear from them. As I was waiting the flashes of lightning and the lions roaring from above shocked me. Then all of the witches chanted, † Come high or low, thyself and office deftly show.† It was at this moment that I knew that I was going to find out what my future was. Then suddenly, out of the cauldron arose an armed head and spoke, † Macbeth! Macbeth! Macbeth! Beware Macduff!† I had come to the heath looking for good news, some informative information but so far all I had got was confirmed suspicions. I said a quick thank you and asked them to know more and to tell me of it. â€Å"He will not be commanded. Here's another more potent that the first.† One of the witches's quickly announced. Then another image appeared from the cauldron called on me just as the first but then said, † Be bloody, bold and resolute. Laugh to scorn the power of man; for none of women born shall harm Macbeth.† Why should I fear, all men are born of a woman then why should I fear? It was at this point I began to wonder if I was immortal, if I was blessed with the gift of ever lasting life. I will remember those words for as long as I shall live. Then I had an outburst and shouted and then live Macduff. What need I fear? But just in case I was to have him killed I remember feeling such relief, joy, delight, I had renewed bravery and a new spirit. Then another apparition arose from the cauldron and it was a child, crowned, with a tree in his hand. At first I remember not knowing what it meant so I asked the witch's what it was, they told me to listen but not to speak do I did and only to find out the best news so far. It said that I would not vanquish until the great Birnam wood moves. This only confirmed my suspicions about being immortal. Then the cauldron began to disappear and the next eight kings of Scotland appeared all resembling and carrying Banquo's spirit. I screamed out to the witch's and interrogated them on why they showed me this. Before I could ask them anything else they danced and vanished. All of a sudden Lennox appeared startling me, I asked if he had seen the hags, he replied with a simple no. Looking back I don't remember all that he said but I did hear the sound that triggered my anger and my fear, which was that Macduff had fled to England. This meant that I couldn't kill him. So instead I went to his ca stle were I was to kill his wife and babes. So of we went to the castle. I told all of my attendants not to bring me anymore reports that I didn't care, until the wood moves I shall not fear. I remember that no matter how many times I said it I didn't fear, if anything it made me stronger. I felt so succour, so safe and strong. Not just my heart but my mind, for the first time in a long time. I was interrupted by one of my servants, he informed me that there were English soldiers in their thousands. I began to realise the depth in which I had sunk. I called in my chief officer, Seyton, and I told him to tell me what was happening with the English. He said â€Å"All is confirmed, my lord, which was reported.† At this I recall asked him to bring me my armour, but he then went on to saying that it was not needed yet. I turned to my doctor and asked him how the patient was referring to my wife. He then said that she wasn't so sick but she did see fancies that stooped her from sleeping. I wanted it all to just go away, my wife did not deserve to not sleep. I did the deed so I should be punished. She did nothing so why was she suffering so much? Then I shouted out that I would no fear till the wood of Birnam wood come to Dunsinane. I met with my soldiers to tell them that I did not fear that they would not starve me out. I could feel my strength and my security. Then I heard an ear piecing scream from above, I had almost forgotten the taste and smell of fear itself. I was told that it was my wife's cry. This made me feel like falling to my knees. But I couldn't deal with it; the English soldiers were coming. After doing everything I now have no one to share it with no one. Then one of my servants rushed in and I told him that I didn't want to hear it. But still he told me, â€Å"I looked towards Birnam and anon the wood began to move. I screamed liar slave! I remember being in extreme anger and disbelief. Then I went with the messenger to see for myself and when I did I felt a shiver down my spine I began to doubt the witch's. Still with some respect left I took all my strength and went to the gate with my amour on to face the fiends. The alarms where sounded and I appeared to show my face to Macduff. I wasn't afraid of him because no man could kill me so I told him and the answer was not so nice as the question he told me that he was ripped from his mothers whom. This made me scared, the witch's had tricked me into thinking that I was immortal and that no man could kill me. But I was not a coward I told Macduff that I would fight only to lose. We fought our heavy swords dragging us down. I felt as if every muscle was being dragged out of my body and then Macduff drew his sword at me for one last time and†¦