Does the economic downturn increase the rate of financial crime Essay

Does the monetary downturn increment the pace of budgetary wrongdoing - Essay Example While the model has an incentive as a financial portrayal of the choice to act wrongfully, these choice become progressively unpredictable as more profound examinations uncover more factors. When the criminal choice is examined, the manner by which that choice is affected by monetary variables inside a general public is uncovered. The part of wrongdoing for the need of endurance is examined in accordance with the impression of endurance over discipline gets pertinent. Decision turns into an issue that depends on fluctuating needs. As a worldwide financial emergency has created in late history, the conceivable outcomes of crime having been influenced by the circumstance brings up issues that are applicable to issues of wellbeing and security of self and property. Developing numbers in joblessness makes a rich unrest of need that may bring about interests that are beyond socially acknowledged practices. In an investigation of the monetary repercussions of a declining money related framework in contrast with the endurance needs and the looming misfortunes of people that endure under those repercussions, a balanced can build up that abrogates the typical sociological objectives against criminal conduct. Monetary wrongdoing can be created in numerous structures. The manner by which budgetary exchanges can be controlled so as to accomplish unmerited increases is a type of financial wrongdoing that can appear as fakes which depend on checks, Visas, and ledgers. Too, controlling exchanges so as to shroud the beginnings of the salary is considered ‘money laundering’ which is a wrongdoing that is gone before by the commission of different violations. These sorts of wrongdoings can be carried out by individuals from numerous different backgrounds and are predicated on the underlying sociological view of how carrying out these violations influences the character of the individual in question. From the ‘floating’ of a check to cover food supplies until payday comes, to the enormous scope washing of felonious pay sources,

Pakistan Essay Example For Students

Pakistan Essay A Portrait of the Death of an EconomyMy theme manages Pakistan, its relationship with the IMF and World Bank, and its inner issues that are causing joblessness, neediness, financial emergency and yearning. I will break down the circumstance utilizing the neo-old style hypothesis, as it is the thing that the market analysts of the Pakistan government and the IMF are utilizing to reduce the monetary insecurity of the nation. Arranged in the sub-landmass, Pakistan is a low-pay nation, with extraordinary guarantee for development. Shockingly, it is kept away from arriving at center pay status by constant issues like a quickly developing populace, sizable government deficiencies, a substantial reliance on outside guide, repetitive administrative shakiness and huge military consumptions. It is to address these crucial blames in Pakistans economy that the IMF has started the Structural Adjustment Programs (SAPs) in the nation. This is talked about in further detail later in the paper. Like every creating nation, Pakistans populace is generally utilized in the farming division, which represents around 48 percent of the work power. In todays world the Industrial and Service segments are the biggest developing zones of a created countys economy. However Pakistan just utilizes 39 percent of its populace in Service, and brief 13 percent in Industry. This is an immaterial figure, contrasted with the work measurements of a created nation. Pakistan is additionally vigorously reliant on a solitary fare crop, cotton. Henceforth the countrys fortunes rise and fall with the cotton advertise. It is no big surprise that there are such a significant number of destitution stricken individuals in Pakistan. At the point when practically a large portion of the populace is engaged with an unstable market, a great deal of the time, many individuals will be singed by value changes. The nation is likewise dependent upon the leniency of the climate. Focussing on a significant money crop implies next to no broadening. This means mass yearning and difficult situations for the rural segment at whatever point the agrarian terrains are attacked by floods, or on the other hand, by dry spells. Considerably more significantly, Pakistans agrarian area is set apart by enormous landowners, controlling a large portion of the creation. Subsequently, just an insignificant measure of the benefit from sends out goes to the destitute individuals working for the huge ranchers. It is these individuals who comprise a huge part of Pakistans populace. It is additionally these individuals who are living in contemptible destitution in the rustic locales of the nation, without the option to take care of their families. This is an extraordinary representation of a topic talked about in World Hunger, Twelve Myths. Lappe, Collins, Rosset and Esparza examine the ordinarily accepted legends regarding why appetite and destitution exist. In it they explain this significant point: hunger doesn't exist because of a lack of accessible food, but since of dread and weakness, bringing about the anguish, sorrow and mortification felt by the hungry and neediness stricken. Pakistan is an exemplary case of this hypothesis. In light of a primitive framework, particularly in agribusiness, Pakistani society is essentially constrained by medieval overlords, (a.k.a. the government officials or family members of lawmakers), who claim or direct the vast majority of the agrarian land and modern base. Being exempt from the laws that apply to everyone else, because of their political impact, these degenerate individuals can actually pull off homicide. Hence, keeping their workers repressed and came up short on is no hard errand. Any individual who sets out to grumble is utilized for instance for possible future turmoil. Thus, the individuals in their elakhas, (controlled grounds), stay penniless in the pains of neediness, incapable to help themselves because of their absence of intensity and the dread of the thekedars, (enormous landowners). By an absence of intensity, I allude not to a deficiency of physical ability however to a shortage of fundamental human rights. These are similar rights that individuals in created nations underestimate. The option to decide in favor of whomever one feels like is absent. Rather a ton of residents are compelled to decide in favor of the neighborhood land proprietor because of a mix of dread and obliviousness; a dread of the repercussions of an expected misfortune by the primitive ruler and the numbness of any way to get away from this equivalent overlords fury. Regularly there is additionally no selection of up-and-comers. There are not very many individuals ready to chance their own and their families security by running against their subjugators. This conflicts with the very idea of the free market economy that Pakistan should be running. While the IMF and World Bank are utilizing Neo Classical hypothesis to address the countries issues in the capital, a large portion of the nation is as yet being run under the primitive framework. Till this framework is broken, and the gigantic lower classes are enabled there isn't a gouge that can be made in the countrys destitution and appetite issues. Or maybe the difficult will keep on developing right under the market analysts noses. Pakistan is additionally slowed down by ethnic issues, having various gatherings including Punjabis, Pakhtoons, Sindhis, Balochis and Mujahirs. Communicating in various dialects, the diverse ethnic gatherings don't get along very well as is seen by the various conflicts among Sindhis and Mujahirs in the viciousness torn city of Karachi. The language boundary additionally means an absence of versatility of work, which is a key to financial accomplishment under neo-old style hypothesis. Subsequently the huge meagerly populated area of Balochistan is by and by under used. Because of an absence of accessible work, businesses are difficult to set up. On the off chance that the language/ethnic obstruction could be survived, the rich grounds of Balochistan might turn into the friends in need of Pakistans economy. Pakistan likewise has a very week modern base. Being an ex British state it experiences a comparative issue to the one sickly some of the African and South American nations. This i ssue is that the homesteaders never tried structure up the fundamental base for industrialization. While the remainder of the world was caught up with building this base, voracious pilgrims who couldn't have cared less about the nation and therefore gave no consideration to its improvement were misusing nations like Pakistan. Subsequently Pakistan is for all time playing get up to speed to the remainder of the created world leaving almost no cash for social administrations to help the circumstance of poor people. The proficiency rate in Pakistan is likewise exceptionally low. In 1992, the official proficiency rate for the grown-up populace was supposed to be a low 36 percent. Significantly increasingly horrid was the measurement that recorded 45 ladies being taught for each man. With this deficiency of qualified faculty, there is no space for financial development as there are no new personalities to head the development. Ladies are additionally the essential food makers in Pakistan. On the off chance that they are not being taught, it implies that they are not modern on the most recent creation methods, which thusly means wastefulness and the previously mentioned obliviousness. By and by everything integrates with the feebleness that denotes the yearning and neediness stricken. Ladies speak to 54 percent of Pakistans populace. On the off chance that they are not permitted to practice their privileges to instruction and to cast a ballot, in what manner can the nation be relied upon to advance ? It resembles asking a man with one leg to run. Like other underdeveloped nations, in Pakistan, unsatisfactory lodging, insufficient sanitation and water flexibly, and across the board ailing health add to spread of ailment and to high baby, youth, and maternal mortality. The main sources of death are gastroenteritis, respiratory contaminations, intrinsic anomalies, tuberculosis, jungle fever, and typhoid fever, every single preventable ailment. Lamentably poor people, uneducated lower classes are not given enough consideration by the degenerate authorities running the nation, which is bringing about their circumstance falling apart step by step. These, alongside other financial and social issues are causing gigantic craving and destitution in Pakistan. By and by Pakistan is going through an exceptional financial emergency, aggravated by the worldwide downturn. The disturbance in residential markets and the lopsidedness among assets and liabilities takes steps to move back the unobtrusive degrees of monetary turn of events and industrialization that Pakistan has accomplished up until this point. Had it not been for a sensibly solid horticultural base, the circumstance would be a lot of more regrettable. This circumstance has been brought about by a blend of issues, including the astigmatism of lawmakers and their steadiness in following politically famous, however monetarily tragic arrangements. A case of this is the explosion of an atomic bomb a year prior. Essentially to flaunt to India and the remainder of the world, just as to raise their nearby fame, the Pakistani government chose to proceed with a pointless test that br ought monetary assents against them and furthermore cost them a ton of their guide from western nations. Be that as it may, substantially more significant have been the basic reasons fundamental this crumbling, all of which have been adding to the developing sentiment of distress the hungry and neediness stricken have been encountering. Before this paper starts discovering answers for the current issues, we have to help ourselves to remember the key issues. 1) One significant issue that Pakistan needs to manage is the way that its costs are unmistakably more than its incomes. Halfway because of many years of remiss monetary administration, yet more due to nearsighted approaches in its outer relations, the battle ready structure of the state and the restricted vision of its attacker world class, Pakistan is Rs 100 billion shy of the cash to just keep its current hardware operational. How is an underdeveloped nation expected to build up a foundation when it is spending more than its net incomes on just two things, obligation overhauling and guard? Truth be told, Rs 18 billion of its protection must be financed to getting. The Pakistani government has not been overseeing; it has basically been going about as an obligation making sure about office. 2) Lately the administration has been touting the way that it has accomplished the IMF forced spending deformity target. What it fails to make reference to that

Project Managment Essay Example | Topics and Well Written Essays - 1000 words - 2

Task Managment - Essay Example The exercises follow a methodical request as indicated by need needs while coordination among them is lavishly kept up. Conveying the undertakings among the task staff is significant as this will streamline the exercises. When it is done, assortment of articles is directed so as to continue for sifting through them. Overseeing articles is more basic than photograph assortment as articles are without a doubt the fundamental focal point of the magazine. The venture director (PM) ought to rely upon the most limited time. This will cause him to compose and organize exercises for an effective and early fulfillment of the task. Also, coordination among the individuals in the undertaking is significant and the PM ought to inspire his group for it. Both CPA and WBS systems are significant for a venture. Notwithstanding, WBS as a top-down model can evaluate just from the top administration perspective that may disregard exercises occurred at lower levels. However, CPA is sufficient in itemizing the exercises. Circle and bolt chart likewise appropriately shows the venture subtleties. Hugeness: WBS, OBS and CPA are basic structures that help the task administrator to clarify individuals engaged with the undertaking about the venture subtleties. It is the obligation of the venture supervisory group under the PM to complete a WBS or CPA. The University magazine venture contains top-down and base up approaches for distinguishing and arranging the undertaking exercises. CPA structure examined the basic issues of the venture and organized the assignments in like manner. WBS and OBS systems are embraced so as to separate the venture into littler portions. The University magazine venture receives CPA, WBS and OBS apparatuses for legitimate arranging and planning. These instruments isolate the venture into various littler fragments, which brings about expedient advancement of the task. The new venture is required to refresh the standard of the college magazine to a

Macbeths Guilt Essay -- Macbeth essays

Characters in the Shakespearean catastrophe Macbeth hardly feel blame - with two special cases: Macbeth and Lady Macbeth. In this paper we should consider their blame issue. In his book, On the Design of Shakespearean Tragedy, H. S. Wilson remarks in regards to the blame of the hero: It is a subtler thing which establishes the central interest that the play practices upon us - this dread Macbeth feels, a dread not completely characterized, for him or for us, a horrendous nervousness that is a feeling of blame without turning out to be (conspicuously, at any rate) a feeling of wrongdoing. It's anything but a feeling of transgression since he will not perceive such a classification; and, in his determination, his savage insubordination, it drives him on to an ever increasing number of horrible acts. (74) Blanche Coles states in Shakespeare's Four Giants that, with respect to blame in the play: Â Quickly expressed, and with elaborations to follow, Macbeth is the tale of a sympathetic, upstanding man who was affected and spurred, by the lady he profoundly cherished, into submitting a homicide and afterward, on account of his touchy nature, couldn't bear the substantial weight of blame that plunged upon him because of that murder. (37) Â A.C. Bradley in Shakespearean Tragedy exhibits the blame of Macbeth from the earliest starting point: Â Absolutely how far his psyche was blameworthy might be an inquiry; yet no honest man would have begun, as he did, with a beginning of dread at the unimportant prescience of a crown, or have imagined immediately quickly the idea of homicide. Either this idea was not different to him, or he had treasured probably some vaguer shameful dream, the momentary repeat of which, right now of his knowing about prediction, uncovered to him an internal and startling blame. (316) Â In Memoranda: R... ...1957. Â Frye, Northrop. Nitwits of Time: Studies in Shakespearean Tragedy. Toronto, Canada: University of Toronto Press, 1967. Â Kemble, Fanny. Woman Macbeth. Macmillan's Magazine, 17 (February 1868), p. 354-61. Rpt. in Women Reading Shakespeare 1660-1900. Ann Thompson and Sasha Roberts, eds. Manchester, UK: Manchester University Press, 1997. Â Shakespeare, William. The Tragedy of Macbeth. http://chemicool.com/Shakespeare/macbeth/full.html, no lin. Â Siddons, Sarah. Memoranda: Remarks on the Character of Lady Macbeth. The Life of Mrs. Siddons. Thomas Campbell. London: Effingham Wilson, 1834. Rpt. in Women Reading Shakespeare 1660-1900. Ann Thompson and Sasha Roberts, eds. Manchester, UK: Manchester University Press, 1997. Â Wilson, H. S. On the Design of Shakespearean Tragedy. Toronto, Canada: University of Toronto Press, 1957.

Family Essays - , Term Papers, Research Papers

Family Grant Essay Since the day I was conceived, I have delighted in narrating. My first recollections are of my dad turning me stories, as I fell asleep. Consistently I went back in time through his accounts. I learned of Nero's twisted consuming of Rome, Adolph Hitler's deranged rule, and Sojourner Truth's splendid discourse. All components of our authentic legacy, for which I have incredible warmth. At the point when I was very youthful, my dad bought our absolute first PC. Through his diversion, I developed to adore the specialized side of the world in which we live. As the years progressed, we have claimed numerous PCs and they each showed me something new. Because of these two loves, I have decided to twofold study history and software engineering. Gem, you need to make it. I need you to complete what all of us have begun. You should complete school, my grandma has expressed to me ordinarily. Nobody in my family has finished a multi year degree. It is my goal to pioneer a path for my family, as likewise is my grandma's aspiration. For whatever length of time that I can recall it has been my fondest dream (and my furthest objective) to go to school. From the earliest starting point, I realized it would be a tough move to pick up entrance into a renowned college. Of late I have acknowledged I can't arrive at my fantasies alone. I need help monetarily. Through applying for money related guide, I am ready to reduce this need. I genuinely trust that you will truly think about my application.

Book Riots Deals of the Day for February 25th, 2019

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Americans Have Fought - Free Essay Example

For generations, Americans have fought in true patriotic spirit for their country but as technology advances and warfare rages, unprecedented psychological impacts have followed these heroes home. Plagued by mental disorders and left to suffer by their own government, thousands of veterans and active duty service members never truly return from the battlefield. Recent studies have shown that the most common mental disorder that impacts both war veterans and active duty service members alike is an increasingly common yet debilitating disorder; Post Traumatic Stress Disorder, or PTSD, is an incapacitating mental disorder which stems from experiencing or witnessing an extremely traumatic or terrifying event.. With such a high prevalence of PTSD in the veteran population left untreated, conviction rates in this community continue to skyrocket. Violence lead by this nations heroes is no longer an uncommon topic in America as rates of mentally ill service men and women committing atrocities while experiencing symptoms of this debilitating disorder escalate to unparalleled levels. Veterans who commit crimes under the influence of service-related PTSD will plead the insanity defense, which was built upon the principle that people who commit crimes without full awareness of should not be held fully responsible for their actions. However, at a time where the United States has the highest mass incarceration rate in the world with nearly 20% of the prison population being veterans, it is obvious that Insanity Law must be examined in its applicability to Post Traumatic Stress Disorder in the criminal justice system. Although PTSD is a relatively new disorder diagnosis, symptoms of wartime post traumatic stress have been recognized by medical professionals and the military for centuries. PTSD originally made its appearance in the public eye in the aftermath of the Vietnam War when it was included in the Third Edition of the American Psychiatric Associations Diagnostic and Statistical Manual of Mental Disorders (DSM) in 1980. Once formally recognized by health professionals, advocates for the disorder lobbied for inclusion of Post Traumatic Stress Disorder under the insanity defense so that veterans suffering from the intense symptoms could have an adequate legal defense that could protect them from life in prison. PTSD may have initially been listed in the DSM as an anxiety disorder, just having the disorder legitimized was a helpful first step in acknowledging the hardship of the veteran population. In spite of the fact that post traumatic stress disorder is now the most common compensable mental disorder and combat-related PTSD rates have increased at alarming rates, there are still critics of the disorder who believe it to be a social construct with a high potential for abuse. The legal implications involved with the use of the diagnosis of PTSD as a mental status defense to mitigate criminal culpability have slowed the evolution of insanity law from fully encapsulating post traumatic stress as a worthy justification for crimes committed. Post Traumatic Stress Disorder develops from experiencing, witnessing, or being confronted with an event that either involved or threatened death or serious injury along with having a physiological response in which the individual responds with intense fear, helplessness, or horror. Through chemical processes, brain function will undergo significant changes which can be triggered at any time in response to a traumatic stressor. The stressor causes the hypothalamus to signal the pituitary gland to secrete adrenocorticotropic hormone (ACTH), generating a natural response to stress including adrenaline, increased heart rate, desensitization, and hyper-alertness. The individuals who are affected by this disorder can repeat this cycle with any interaction with the stressor even in situations where they are not in any danger. Studies with Magnetic Resonance Imaging, or MRI, indicate that not only are the chemical processes of brain function changed but the hippocampi, which is involved wit h memory and emotional experiences, may be significantly damaged. The symptomology of post traumatic stress disorder can be categorized into three typologies: (1) dissociative reactions, (2) sensation-seeking syndrome, and (3) depression-suicidal syndrome. Individuals with PTSD may not experience all three typologies as all three are not required to be diagnosed with the disorder. Dissociative reactions, although being the most sensationalized, is the rarest typology of the three. Veterans with PTSD, especially those who have experienced considerable trauma, often overreact to inconsequential threats as a result of hyper-alertness. Dissociative reactions, otherwise known as flashbacks, cause a distorted sense of reality in which the victim may react automatically in a survival mode one would use in a combat zone while reliving past traumatic events. A veteran can remain in this altered reality for as little as a few minutes or as long as several days while being completely unaware of the implications of their own actions. It is during this state where veterans may commit crimes despite the dissociative state inhibiting their conscious awareness of the criminality of their actions.

Hiv-Reaction Paper - 1770 Words

25 TERMS Human Immunodeficiency Virus (HIV)- is a lentivirus ( a member of the retrovirus family) that causes required immunodeficiency syndrome (AIDS), a conditions in humans in which progressive failure of the immune system allows life-threatening opportunistic infections and cancers. Acquired Immunodeficiency Syndrome (AIDS)- is a disease of human immune system caused by the Human Immunodeficiency Virus (HIV). Sex- is a process of combining and mixing of genetic traits, often in resulting in the specialization of organisms into a male and female variety. Condom- is a barrier device most commonly used during sexual intercourse to reduce the probability of pregnancy and spreading sexually transmitted disease such as a gonorrhea,†¦show more content†¦Within these bodily fluids, HIV is present as both free virus particles and virus with in infected immune cells. Lots of broadcasting networks worldwide already and is still ongoing in spreading the news about HIV. The worst of possessing the disease is that no particular medicine can cure HIV, meaning once you are infected by the virus, death is probably that end of your story. The movie alone made us aware about HIV even it’s simple and it really soak deep inside our minds. We now think of the future, we, girls should be more selective on boys we will marry some future time. Boys usually are the victims of this disease and once we do sex on them the disease will definitely passed on us and when we breast feed our child there is the possibility that the disease will transfer on them. As long as possible either of you should undergo tests to know whether you pertain it or not. Being selective is not bad for as long as you just want to secure the future and to stop the rapidly spreading of virus being not to be intimately involved with one having it. The Department of Health (DOH) remind us a lot and I find it enough to made us realize that it should be stop. They just want avoid being a victim of HIV cases and it is on us whether to abode it or not, like Vanessa in the HIV movie. Even though he didn’t have concerns and conscience in spreading the virus, he latter experience the â€Å"karma† or the bad luck for sure he’ll start a new life afterShow MoreRelatedReaction Paper On The Aids Epidemic918 Words   |  4 PagesModule 2, Activity 1: Reaction Paper After reading the five given articles carefully there are critical points that I would like to articulate in my reaction paper. These articles provoked me to think that we are blessed to have health professional that were able to discover HIV/AIDS and the causes of Kaposi s Sarcoma and Pneumocystis pneumonia of homosexual men in July 1981, following the report of these cases of PCP and cases of other rare life-threatening opportunistic infections and cancersRead MoreThe Prevention Of Hiv / Aids Essay984 Words   |  4 Pagespoints that I would like to articulate in my reaction paper. 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This striking line said by a character in the movie And the Band Played On, which I later found out to be the actual words of Roger Gail Lyon in Congress1, depicts how a society so caught up with discrimination and stereotypesRead MoreTroubling The Angels : Women Living With Hiv / Aids By Patti Lather Essay1301 Words   |  6 PagesThe book Troubling The Angels: Women Living With HIV/AIDS by Patti Lather (an educator) and Chris Smithies (a psychologist) troubles the dominant cultural and social meanings of HIV/AIDS, and draws attention to women with HIV/AIDS because they are often left out from the dominant rhetoric in the United States. The participants are women in Ohio who are members of four HIV/AIDS support groups that are specifically for women. Although many of the scientific realities and statistics cited in this bookRead MoreTuberculosis As A Prime Leading Health Problem1563 Words   |  7 Pagestuberculosis strains of the most effective anti-TB drugs. 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Farhenheit 45 - 778 Words

Literary Analysis Could you ever imagine living in a world where books were not allowed, houses were fireproof, and firemen started fires instead of putting them out? Ray Bradbury created this dystopian society of backwards thinking in his novel Fahrenheit 451. When he wrote the book, during the Cold War, the United States was beginning to censor many things and his fear of what it would turn into inspired him to write this novel. In Fahrenheit 451, Ray Bradbury overly exaggerates a future society from where the United States in the 1950’s was heading through loss of humanity from television and the theme of censorship by; yet, the symbol of rebirth detracts from the overall effect of exaggeration. In Fahrenheit 451 Mildred, Guy†¦show more content†¦In several cases the narrator is just as mindless as Mildred. For example, the book burning process is supported when the book states, â€Å"You were simply cleaning up. Janitorial work essentially,† and â€Å" they pumped rooms full of [kerosene]† it is supporting the book burning process (37-38;ch.1). These statements are guilty of sustaining book burning. Also when Captain Beatty, the chief of the fire department, says, â€Å"I want you to do this all by your lonesome, Montag. Not with kerosene and a match, but piecework, with a flame thrower. Your house your clean up,† it illustrates how he is asking a horrible task be done (116;ch.3). Burning books, the only source of unchanging knowledge, is a horrific task to take on. Burning books is like taking away freedom and because they are no longer physically available humans have to memorize them. When Montag gets caught for having books he runs away. He does such a good job that even the mechanical hound can’t find him. When the search for him is seeing no hope they kill a random man alone on the street. At this point Granger, one of the traveling book men, says to Montag, â€Å"Welcome back from the dead† (150;ch.3). This quote resembles the rebirth and final transformation of Montag from a regular in society. It detracts from the exaggeration because it symbolizes the life of memorizing books, which is the total opposite of eradicating them. Another time when rebirth is

Leadership Communication Training For Under Armour Leaders...

Leadership Communication Training for Under Armour Leaders and Managers Introduction This brief training will be addressing Under Armour, the company I am currently employed for. Under Armour is an upcoming athletic wear company that is rising to the top and quickly becoming a competitive brand in the athletic industry. Working with this company for over a year, I feel my store, as well as the other stores in Arizona, could greatly utilize training on leadership communication. I chose a PowerPoint format as my presentation form, as I felt it provided a great platform to provide the training for all of the store managers across Arizona. A PowerPoint offers great flexibility when it comes to being able to allow trainees to ask questions as we go, which I prefer. Additionally, I would also ask for actual on-the-job examples from the trainees that relate to the training topics. The purpose of this training is to promote leadership, encourage employee growth, and to achieve goals by focusing on our leaders and investing in our people. Essentially, this training presentati on will cover four main topics; developing leadership skills, creating a vision, addressing ethics, and overcoming obstacles. Discussion Before we can become great leaders, we must first understand that we have the ability to develop leadership skills. While leadership traits rather than skills have been the emphasis of research for more than 100 years, in the past 10 years a shift has occurred, and leadershipShow MoreRelatedEmployee Engagement and Organizational Success1179 Words   |  5 PagesLeaders also try to achieve the same quality for their own status, which allows them to pursue greater strength, achieve personal goals and future endeavours. According to a recent study conducted by Psychometrics Canada a pioneer in research assessment, has mentioned in one of its report that employee engagement in the organisation plays a major role in the success of any organisation. Accordingly it says that the best way to increase the relation is by working out a strategy that builds positiveRead MoreUnder Armour Business Report2064 Words   |  9 PagesSam Edward Spt 260 March 25, 2013 Under Armour History of the organization Under Armour was founded in 1996 by Kevin Plank , a then 23-year old former special team’s captain of the University of Maryland football team. Plank initially began the business from his grandmother s basement in Washington, D.C. As a fullback at the University of Maryland , Plank got tired of having to change out of the sweat-soaked T-shirts worn under his jersey; however, he noticed that his compression shortsRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesTokyo Editorial Director: Sally Yagan Director of Editorial Services: Ashley Santora Acquisitions Editor: Brian Mickelson Editorial Project Manager: Sarah Holle Editorial Assistant: Ashlee Bradbury VP Director of Marketing: Patrice Lumumba Jones Senior Marketing Manager: Nikki Ayana Jones Senior Managing Editor: Judy Leale Production Project Manager: Becca Groves Senior Operations Supervisor: Arnold Vila Operations Specialist: Cathleen Petersen Senior Art Director: Janet Slowik Art Director:Read MoreAn Organisation Study in Apollo Tyres Company10707 Words   |  43 PagesAN ORGANISATIONAL STUDY IN APOLLO TYRES LTD PERAMBRA A Project Report Submitted to Calicut University In partial fulfillment of the requirement for the award Of the Degree of BACHELOR OF BUSINESS ADMINISTRATION By SAJA.K.A Registration no: Under the guidance of SREEJA MISS Department Of Commerce Management Studies ANSAR WOMEN’S COLLEGE PERUMPILAVU CERTIFICATE This is to certify that the mini project entitled â€Å"Organizational Study† is a bonafide record of the work done by SAJA.K.A, RegistrationRead MoreAn Organizational Study Done at Apollo Tyres Company Perambra.10400 Words   |  42 Pagesmain third generation tyres are Apollo tyres , Vikrant tyres, JK tyres, Modi tyres etc. The entire tyre companies which started after 1970’s and the companies ,which are yet to start production are classify under the head fourth generation tyres. 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Government project sponsors should have sufficient expertise to fulfil their roles effectively (Chapter 6, paragraph 6.18). 15. A list of contractors and subcontractors seeking public sector work should be maintained by the

Essay about Psychological Themes in Duncans Novel,...

The Novel Killing Mr. Griffin by: Lois Duncan is a story about the plot of kidnapping the English teacher of Del Norte High school. Being a student of Del Norte High school, Susan McConnell (the protagonist) encounters some difficulties and joy after she finally gets accepted in the â€Å"popular† herd. These upside and downsides turn into major themes which are incorporated during the course of the book. The major themes that are developed inside the book are: peer pressure/manipulation, psychopaths, conscience/guilt. First of all, peer pressure/manipulation is the lighting match of the whole conflict inside the story. Mark Kinney is the father of all peer pressuring during this story; he uses phrases as: â€Å"aw its just a joke, last year†¦show more content†¦Mark’s psychological problems become more and more clear to the reader throughout the book. Eventually Susan McConnell can’t take the guilt feelings and decides to tell the whole story to the cops, but Mark is not okay with this and decides to tie up Susan and burn down the house with Susan and Mark inside. This part of the book is most likely the climax of the book; at this point, the reader finally is certain that Mark has some psychological problems. After this suspenseful scene the next chapter immediately starts back at the house of Susan, she is still alive and does not want to talk about what happened. Her mother tries to convince her to speak up and tell what happened, her mom eventually reads her something about a certain personality: â€Å" This individual has a behavior pattern that brings him repeatedly into conflict with society. He is incapable of significant loyalty to individuals, groups or social values. He is selfish, callous, irresponsible, impulsive and totally unable to experience guilt. His frustration level is low; he cannot stand to be thwarted. He tends to blame others or offer plausible rationalizations for his behavior.† The reader immediately thinks of Mark Kinney and so does Susan McConnell. Right after her mom reads to her it a clinical description of psychopaths. Last is conscience/guilt; conscience/guilt is most likely to be the major conflict in the story. The protagonist has constant battles inside her head aboutShow MoreRelatedMacbeth9435 Words   |  38 Pagesafter the murder ofDuncan; Banquo s ghost; Macbeth duels Macduff; and Macbeth. Macbeth  is a play written by  William Shakespeare. It is considered one of his darkest and most powerful tragedies. Set in Scotland, the play dramatizes the corrosive psychological and political effects produced when evil is chosen as a way to fulfil the ambition for power. The play is believed to have been written between 1603 and 1607, and is most commonly dated 1606. The earliest account of a performance of what was probably

Sociology Essay Impact of Globalization Trends Free Essays

Introduction Globalization is a widely discussed and contested topic. The process of globalization has profound impacts on the capacity of a nation to formulate its policies. It is accompanied by a seemingly endless process of change within education (Peters, 1992). We will write a custom essay sample on Sociology Essay: Impact of Globalization Trends or any similar topic only for you Order Now Globalization is one main issue that is increasingly attracting the attention of most academicians, researchers and policy makers. It has gained relevance in the context of higher education. Education is an important driver of growth and poverty reduction. Education policies have been in existence for quite some time and have played an important role in the development policy. The most recent wave of globalization is likely to have profound effects on education structures and policies across the world. What is globalization? ‘Globalisation’ is a term that describes the process of integrating societies by removing legal, political and geographical constraints (Trowler, 1998). Vulliamy (2004) describes it as a process which is rapidly integrating the world into one economic space via an increasingly networked global telecommunication system. A study by Tikly (2003), suggest globalization as an inevitable and largely irresistible phenomenon that contains opportunities and threats for national development. Globalization is therefore seen to be concerned principally with integration into global and regional markets underpinned by technologies Although internationalization is not new to education policies, the forces and tensions under the umbrella concept of globalization constitute dramatically different environment in which education institutions and policy makers operate in (Marginson, 1999). The changes to which education structures inUKand around the globe is exposed are complex and varied (Marginson, 1999). Nonetheless, the globalization concept indicates that these changes are somehow interrelated. For the purpose of this analysis, we will stress the following tendencies within the overall force of globalization: Restructuring of the economic world system due to rapid integration of the world economy resulting from a transformation to a post industrial knowledge economy and increasingly liberalized trade and commerce. Rise of network society due to technological advancements and the expansion of the internet Increasing virtual mobility of people, knowledge and capital resulting from the development of new transport facilities, expansion of the internet and increasingly world integrated community Complex cultural developments whereby we have an increasing cultural exchange and multicultural reality on the one hand of homogeneity and cultural differentiation and segregation on the other hand. Erosion of the nation state and a widening of the gap between socio-political regulation and economic activity. Such is the nature and complexities of forces associated with globalization. These forces define the social environment in which education structures and policies operate in (Green, 1999). Further, these forces condition the context in which education policies and structures have to operate and profoundly alter people’s experience of both formal and informal education (Green, 1995). For example, most institutions are transformed to become targets of corporate expansion and sites for branding. A more detailed explanation will be discussed below. Impact of globalization on education structures and policies Globalisation has profound impacts on education structures and policies. The impact is profound but also diverse, depending on the locality within the global arena. While there is often a danger of oversimplification and generalisation when dealing with globalisation, diversity has to be recognised and promoted to a certain extent. Various views have been expressed in literature with regard to the impact of contemporary globalization on the processes and structure of education worldwide. 1. Direct impacts on both the curriculum and pedagogy Carnoy (1999) suggests direct impacts on both the curriculum and pedagogy. There is little evidence however to support such an assessment. Whilst attempts have been made to inject global awareness on school curricula in western industrialized countries, these have generally remained very low status add-ons. Carnoy (1999) continues to argue that whilst the direct impacts on pedagogy and curriculum are limited, the more general influences of economic restructuring and political ideologies are immense. For instance, globalization is putting considerable premium on highly skilled and flexible workers in an organisation hence increasing the demand for university education. 2. Emerging ‘bordeless’ higher education market The most visible manifestation of globalisation in the education sector is the emerging ‘bordeless’higher education market. Globalization leads to huge increases in worldwide demand for higher education through opportunities created by the internet and new communication technologies which in turn shape an environment in which providers can expand their supply of educational facilities (Breier, 2001). Universities fromAustralia, North America, Europe andEnglandare reaching out their educational provisions to the international market by actively recruiting international students through establishing branch campuses or via distance education, e-learning and other transnational activities (Breier, 2001). These increasing demands bring new providers into the market. The business of borderless education comprises various forms and developments including the emergence of corporate universities, professional association that are directly active in higher education, and media companies delivering educational programmes among others (Alao Kayode, 2005). These new providers extensively use the Internet and ICT as a delivery channel. 3. Erosion of national regulatory and policy framework Globalization is also associated with the erosion of national regulatory and policy frameworks in which institutions are embedded (Slattery, 1995). The policy framework is subject to erosion in an increasingly international environment marked by globalizing professions, liberalized market place, mobility of skilled labour, and international competition between institutions (Slattery, 1995). Most institutions acknowledge this and thus develop consortia, partnerships and networks to strengthen their position in the global arena. Schemes such as the European Credit transfer system and mobility programmes such as UMAP and SOCRATES can be developed to stimulate internationalization in higher education with respect to the various national policy frameworks (Dearden et al, 2002). There is need for an international regulatory framework that transcends the eroded national policy framework and steer to some extent the global integration of higher education system. 4. Create new and tremendously important demands and exigencies towards universities as knowledge centre’s Consequently, globalization creates new and tremendously important demands and exigencies towards universities as knowledge centers (Dearden et al, 2005). Research and development is crucial in any knowledge and information driven society. Globalization of research and development leads to a more mobile and highly competitive international market of researchers. Moreover, universities are called upon to take up responsibilities in the society, deepen democracy, act as mediators and to function as centre’s of critical debate. These higher demands placed upon them create tensions in institutions and stimulate other organizations to engage in such kind of activities. 5.Increasing demand for higher education worldwide Finally, the continuing trend of globalization is expected to increase the demand for higher education worldwide. In the developed world, the society will always ask for highly qualified and flexible workers. Modernization, economic development and demographic pressure increase the demand for higher education in most parts of the world (Blanden Machin, 2004). Governments and local institutions generally lack enough resources to deal with the increasing demand hence leaving an unmet demand to the international and virtual providers. This demand not only grows quantitatively but also becomes more diverse. The internet together with new technologies are increasingly providing new opportunities for more flexible delivery of higher education, thus increasing demand in some countries and meeting demands in others where traditional institutions have failed. These developments brought by globalization underpin the assertion that higher education will emerge as one of the booming markets in future (Blanden Machin, 2004). The need for an international regulatory framework There is a big difference in the way countries deal with private universities and transnational higher education.GreeceandIsrael, for instance, rarely recognize their diplomas and degrees (Blanden, Gregg Machin, 2005). While other countries residing in the developing world such asMalaysiarecognize their incapacity to meet the increasing demand and thus welcome foreign providers (Blanden, Gregg Machin, 2005). Principally, there is no reason to oppose a positive and open attitude towards transnational higher education and private universities. In modern policy approach, it must be recognized that private and transnational institutions are also capable of fulfilling public functions. Despite the fact that traditional higher education institutions have a specific tradition and academic culture to defend, it should be amenable to competitors from diverse backgrounds. It therefore becomes imperative to have in place international and sustainable policy framework that deals with private and transnational providers. Conclusion The globalization trends are leading to a wide spread changes that are impacting on education worldwide. Nation states acknowledge this and have developed reforms to their educational systems in response to modernizing ideas and international trends. It should be noted that globalization represents a new and distinct shift in the relationship between states and supranational forces and that its impact on education is profound in a range of ways. Whilst this analysis does not present an exhaustive listing of the impact of globalization on education, it does bring out key dynamics and highlight important areas of action for academicians and policy makers with respect to globalization. (1557 words) Reference Alao Kayode (2005), Emerging Perspectives on Educational Assessment in an Era of Postmodernism, Commissioned paper presented at 31st Annual conference on International Association for Educational Assessment. Blanden.J.P., Gregg Machin.S (2005), Educational inequality and intergenerational mobility, The economics of education in theUnited Kingdom, Princeton,PrincetonUniversitypress. Blanden.J Machin.S (2004), Educational inequality and the expansion ofUKhigher education, Scottish Journal of political economy, Vol 54, PP.230-49 Breier.M (2001), Curriculum Restructuring in Higher Education in Post-ApartheidSouth Africa,Pretoria Carnoy (1999), Education, globalization and nation state,Oxford,Oxforduniversity press Dearden.L, Emmerson.C, Frayne Meghir.C (2005), Education subsidies and school drop-out rates Dearden.L, Mcintosh.C, Myck.M Vignoles.A (2002), The returns to academic and vocational qualifications inBritain, Bulletin of economic research, Vol 54, PP. 249-75 Green.A (1999), Education and globalization in Europe andEast Asia: convergent and divergent trends, Journal of education policy, Vol 14, pp.55-71 Green.M.F (1995), Transforming British higher education: a view from across theAtlantic, Higher Education, Vol 29, pp.225-239 Marginson.S (1999), After globalization: emerging politics of education, Journal of Education Policy, Vol 14, pp.19-31. Peters M (1992), Performance and Accountability in ‘Post-industrial Society’: the crisis of the British universities, Studies in Higher Education, Vol 17, PP.123-139. Slattery, P. (1995) Curriculum development in the post modern era,New York, Garland Publishing Tikly (2003), Globalisation, knowledge economy and comparative education, vol 41, pp. 117-149 Trowler P.R (1998), Academics responding to change: new higher education frameworks and academic cultures, Buckingham, Open University Press. Vulliamy.G (2004), the impact of globalization on qualitative research in comparative and international education, journal of comparative and international education, Vol 34, pp.261-284 How to cite Sociology Essay: Impact of Globalization Trends, Essay examples

Tyranny of Souls free essay sample

Heavy metal. When people hear those words, they think of loud, fast drumming with raucous guitar and a growling, animalistic baritone vocal. This is not Bruce Dickinson. From the first seconds of the introductory track, â€Å"Mars Within,† it is obvious that â€Å"Tyranny of Souls† is not an average metal record. The operatic tenor vocals and lyrics are reminiscent of the long-forgotten space adventure film, â€Å"The Quatermass Experiment.† Unlike most metal albums, this introduction sets the stage for what is undoubtedly an educational and influential experience for any listener. The lyrics are so vivid that it almost feels as if one were meeting unworldly beings (â€Å"Abduction†) or on a battlefield during the ancient War of Good and Evil (â€Å"Kill Devil Hill†). One of the more interesting tracks is â€Å"Soul Intruders,† which begins as any lightning-fast metal song but then changes to a beautiful, powerful and melodic song about the damned wishing for freedom from Hades. We will write a custom essay sample on Tyranny of Souls or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page But not all of the songs are head-banging material. â€Å"Navigate the Seas Of The Sun† shows a lighter side of Dickinsons lyric-writing, while doing the same for the music by writer/producer Roy Z. The song is uncharacteristically Beatlesque and was a big step for Dickinsons writing and all of heavy metal. The whole album, and the epic journey it describes, comes to a head in the climactic last track, â€Å"A Tyranny of Souls.† Here the listener gains a full sense of the journey and is left in utter awe of the experience. This album is definitely a turning point in the world of heavy metal. Bruce Dickinson, along with his hugely successful tour with the legendary Iron Maiden and their upcoming album, is almost guaranteed to make heavy metal resurge into the intelligent art form it was 15 years ago and let it take off from there.

Ethan Frome and Summer free essay sample

A presentation of the concept of love, power and male supremacy in Edith Whartons novels Ethan Frome and Summer. A comparison of these two novels and how they deal with the topics of emotions. They both depict individuals who are inarticulate and inefficient as far as the expressions of love, sorrow or misery are concerned. The story lines of the novels are briefly presented their characters are also compared for their attitudes towards male superiority in the context of each plot. In her long career, which stretched over forty years and included the publication of more than forty books, Edith Wharton (1862-1937) portrayed a fascinating segment of the American experience. During the span of her literary career as an author, she conceived stories of exceptional originality and depth. Especially well versed in illustrating tales about romantic irony and how cruel little twists of fate dramatically effect circumstances of this nature. We will write a custom essay sample on Ethan Frome and Summer or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Two of her novels, Ethan Frome and the less fictitious Summer, both have a prominent overshadow of these ingredients in them.

Elements and Characteristics of a Clinical Micro System

I was once a support services team member in Lebanon at the Dartmouth-Hitchcock Spine Centre. This centre collects information from healthcare recipients using touch pads. Hence, clinicians make decisions based on the data collected from patients. The medical symptoms of patients who visit this clinical micro system are determined using a computer through a sensitive touch screen. Hence, results on previous treatments, anticipations for care, functional status and body symptoms are obtained from a computer.Advertising We will write a custom essay sample on Elements and Characteristics of a Clinical Micro System specifically for you for only $16.05 $11/page Learn More A clinical staff may also apply other methodologies in order to offer directions on the management and assessment of patient’s needs. Moreover, pre-planning of needs of a healthcare recipient is largely preferred in order to improve efficiency. Follow-ups on the progress of patients a re also encouraged especially through phone calls in order to ensure that all the management information has been adequately comprehended. After sharing the reading, my experience with the above clinical micro system has been greatly enlightened. For instance, I have realized that teamwork is integral when handling patients with myriads of medical problems that need urgent attention (Charlesa, Gafnia and Whelana 650). Additionally, the adaptive challenge that may assist my team in the final project is the ability to apply medical technology when evaluating patients and also being consistent throughout the project. In order to be a well informed team member, the above experience has indeed added value in my ability to choose the right person to interview. The person should be knowledgeable on specific area of specialization and also a team player (Charlesa, Gafnia and Whelana 655). Works Cited Charlesa Cathy, Amiram Gafnia and Tim Whelana. â€Å"Decision-making in the physician†“ patient encounter: revisiting the shared treatment decision-making model.† Social Science Medicine 49 (1999): 651-661. Print. This essay on Elements and Characteristics of a Clinical Micro System was written and submitted by user Cailyn Cruz to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

John Hopkins OpenCourseWare (Free Online Classes)

John Hopkins OpenCourseWare (Free Online Classes) John Hopkins University OpenCourseWare Basics: John Hopkins University offers dozens of free health-related courses as a part of its OpenCourseWare collection. Students can use OpenCourseWare material such as syllabi, lecture notes, and reading schedules to study topics such as nutrition and mental health. These are the same materials used in traditional courses offered at the renowned John Hopkins Bloomberg School of Public Health.Like other OpenCourseWare initiatives, the courses available through John Hopkins do not provide interaction with instructors and cannot be used to earn college credit. They are designed for self-study. Where to Find John Hopkins OpenCourseWare: All free online classes can be found on the John Hopkins Bloomberg OpenCourseWare website. How to Use John Hopkins OpenCourseWare: Most John Hopkins OpenCourseWare classes contain a brief overview in the lecture notes, not an entire transcript. Since the lecture notes are limited, you may want to consider acquiring the suggested reading materials and following the syllabus to get a more complete understanding of the subject.Most lecture notes and readings must be downloaded to your computer in PDF format. If you don’t have a PDF reader, you may download one from Adobe for no cost. Top Free Online Classes from John Hopkins University: Self-learners have dozens of John Hopkins OpenCourseWare classes to choose from. Popular general interest courses include:Critical Analysis of Popular Diets and Dietary Supplements – An overview of scientifically proven weight-loss strategies preparing learners to analyze diet plans.Environmental Health – A survey of health issues in relation to the environment.Family Planning Policies and Programs – An explanation of family planning issues in developing countries. Students studying these materials study family planning as a human rights issue and learn how programs are implemented in poverty-stricken areas.

Assess the claim that Work Choices is no radical break with the past Essay

Assess the claim that Work Choices is no radical break with the past but merely a logical and desirable development in how workplaces are regulated - Essay Example High productivity not mere dependent on higher efficiency but nowadays more on its contribution towards good and satisfying experiences as well as opportunities for employees to learn new skills and competencies required for continuous innovations and improvements. So increase in participatory approaches, high performance workplaces and learning organization processes are to key to improve the productivity. Basically high performance workplaces or productive workplaces are the places where employees are able to continuously innovate, be flexible and agile, competent, skilled motivated and dedicated as well as working together in an atmosphere of mutual respect trust and confidence, partnership & collaboration. Sustained productivity improvements depends upon enterprise’s human capital i.e. skill, knowledge, competencies, attitude of employee and also its social capital such as trust and confidence, communication, cooperative working dynamics and interaction partnership, shared values, teamwork etc. To maintain higher level of productivity, organizations need to hire the right people; facilitate them through good work organization, work environment and management practices; build and enhance their knowledge and developed them as committed, motivated and engaged enterprises with good workplace policies and practices always creates productive workplaces. All productive workplaces p ractices are based on the principles of the involvement & participation; labor management partnership respect and recognition equality & non-discrimination, competency and skills development and providing good working conditions & sharing gains. So it has been obvious that concept of collectivism, equality & non-discriminatory relationship between employer & employee, trust and faith between the to were the rood causes for sustained productivity but the new legislation of work choices and intervention by the Govt. in Australian

Case Analysis - Greene Gardens Study Example | Topics and Well Written Essays - 1000 words

Analysis - Greene Gardens - Case Study Example Answer # 2 I would firstly think about tracking the source of the infection, since the matter concerns human life it is of an intricate nature and I would want to get to the bottom of it quickly, for example I would give a lab test of the soil and manure used on my ranches to see if strains of the bacteria were present. Fresh vegetables such as spinach have frequently been said to be infected with the E. coli bacteria (World Health Organization, 2011). Therefore the probability of Greene Garden’s ranches being responsible also increases. I would next try and brainstorm with my team the measures which Greene Garden can take to reduce the threat to our vegetables, for example spraying the fields with pesticides etc and using better quality fertilizers in stead of animal manure (Mukherjeea, Spehb, & Diez-Gonzaleza, 2007). However, an important concern over here would be the cost constraints, I would most certainly want to do all I can to ensure that my vegetables are not at risk, yet I would want to be cost effective in my actions. Answer # 3 The new information further increases the possibility of Greene Garden’s spinach being implicated. I would first want to get in touch with someone who is involved in the investigation and has first hand knowledge regarding the method being used to test the samples. Furthermore, I would like to find out what the FDA thinks might be the source of the bacteria, for example water is known to be a carrier of the E. coli bacteria (Uzoigwe, O’Brien, & Brown, 2007) so may be getting the water tested would reveal the source of the pathogen. I would keep talking to the FDA officials and make my concerns evident to them so that they are aware of the fact that I am genuinely interested in finding out the cause and taking corrective action if my spinach is implicated because in such fragile situations it is important to have a good rapport with officials in strong positions. Additionally, I would make it a priority to run a public relations campaign regarding the safety precautions the consumers can take in order to keep themselves safe for example humans can get exposed to the E. coli strain through food, animal contact, and drinking water and also from one person to another (European Food Safety Authority, 2011). Therefore, till the FDA is able to come to a conclusion, warning people of all the possibilities and safety measures would do the customers well and also render Greene Garden a good name. Answer # 4 I would talk to my contact person at Tossed Fresh and try to convince them to recall the product. It might be hard because recalling so many products leads to a lot of losses yet if the long term and short term goals are weighed against each other, the benefit from recalling the product far exceeds the long term loss of reputation if the spinach from Greene Garden was actually tested positive for E. Coli. I would also try to convince Tossed Fresh on the grounds that since GRT Salads along with two other companies had recalled products it would now reflect badly on Tossed Fresh if it did not recall its products. It is understandable that the products have a small shelf life and that losses would be incurred, however,

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