A Tragic Hero Essays - Literature, Arts, Culture, The Crucible

A Tragic Hero Essays - Literature, Arts, Culture, The Crucible A Tragic Hero Heroes are viewed as vital to a story within American literature. These heroes accomplish both big and small feats in their own stories. They can help a whole city that's in danger, or just help themselves get over some internal conflict. Whichever situation they fulfill, they're considered a hero and have a special place within any kind of story. In literature we have a specific kind of hero that often makes appearances in stories, this would be a tragic hero. A tragic hero has flaws and makes errors, just like an ordinary person, which makes it easier for readers to relate to the hero and pity them (Miller). The hero's story also displays how they must make a difficult decision that could have effect on many people close to them. A prime example of a tragic hero would be John Proctor from The Crucible . Proctor fulfills many of the characteristics of a tragic hero, he has major flaws and has to make many crucial decisions throughout the play. Due to his actions within the play, while also dealing with the repercussions of his past mistakes, he can easily be considered a tragic hero. John Proctor, like any other human, made mistakes in his past. He has an affair with the household servant, Abigail Williams. She is the niece of Reverend Parris, who preaches at the local church. Parris is disliked by a majority of the town of Salem due to his extreme preaching about how everyone is going to hell. John Proctor dislikes and distrusts Parris a great deal, which in turn causes him to not attend church and not have his youngest child baptised. These facts are used against him later in the play because another man, Reverend Hale, wrongly judges him and makes him look bad to the court. So when he tries to save his wife and present evidence that make her look good, the court already views him badly. Once Proctor is accused of witchcraft he faces his biggest decision he has to make, Overall, Proctor is a good man that falls into bad situations and makes mistakes, like any other person. It's how he handles those issues and what he goes through that makes him a tragic he ro. According to Aristotle, a tragic hero is a literary character who makes a judgement error that inevitably leads to his/her own destruction. In The Crucible, John Proctor's judgement error would be his affair with Abigail. He finally realizes the only way to get the trails to stop However, what really leads to his destruction is his flaw, his excessive pride also known as hubris. At the end of the play, when he almost confesses, he refuses to let the court post his confession on the church door and tears the confession up. This shows how his pride got in the way and led him to accept his death. Obviously he had other reasons for not confessing including regaining his goodness and dignity, which also build his character as a tragic hero. There are two things that Proctor holds close to him, his wife and his good name. In attempt to save both of these things, he initially admits to the affair between him and Abigail. This is the major decision he makes that he thinks will discredit Abigail and her friends in the court: A man may think God sleeps, but God sees everything, I know it now. I beg you, sir, I beg yousee her what she is. . . . She thinks to dance with me on my wife's grave! And well she might, for I thought of her softly. God help me, I lusted, and there is a promise in such sweat. But it is a whore's vengeance, and you must see it; I set myself entirely in your hands. (Miller 873) Because he makes this significant decision it adds to him being a tragic hero due to Aristotle's description of a tragic hero. His actions were honorable due to the fact that he exposed himself and his mistakes for the well being of his wife and their marriage. Over the course of The Crucible John Proctor did many things to

Eye Witness Testimony †Psychology Essay

Eye Witness Testimony – Psychology Essay Free Online Research Papers A witness is someone who has firsthand knowledge about a crime through their senses and can certify to its happening and someone who has seen an event at firsthand is known as an eyewitness. Witnesses are often called before a court of law to testify in trials and their testimony is considered crucial in the identification and arrest of a suspect and the likelihood of a jury convicting a defendant. Eyewitness testimony needs to be reliable as it can have serious implications to the perceived guilt/innocence of a defendant. Bartlett’s study involved the Indian folk story ‘War of the Ghosts’. He wanted to investigate the effect of schema on participant’s recall of a story. Participants were asked to read the story and then asked to recall it after a period of time. He found that the story became shorter and participants often added their own interpretation and the whole theme of the ghosts was often forgotten. Bartlett decided that memory is not accurate and is actively constructed using schemas. A study by Loftus and Palmer in 1974 looked at the effects of language on recall in eyewitness testimony. They wanted to show that leading questions could have an effect on the memory. Participants were shown a video of a car accident and then, as if they were eyewitnesses they were asked to describe what had happened. Specific questions were asked including â€Å"about how fast the cars were going when they hit / smashed / collided / bumped / contacted. A week later the participants were asked â€Å"did you see the broken glass†. The findings showed that the estimated speed was affected by the verb used in the question. The group with the verb smashed estimated the speed to be 40.5 mph yet the group with the verb contacted only estimated the speed to be 31.8 mph. The stronger the verb the higher the estimated speed, when the participants were asked if they saw the broken glass it was found that out of the group with the verb ‘smashed’ over 32% said they had seen the glass where only 14% in the group with the verb ‘hit’ said they had seen it. There was in fact no broken glass. Our schemas tell us it is reasonable to assume that there would be broken glass at the site of a car accident when the word smashed is used. The strengths of the study were that it was a controlled experiment and Loftus could control all the extraneous variables, the study could be easily replicated and it had real life implications for eye witness testimony. There was however some weaknesses in that the study lacked ecological validity, it was ethically questionable and the participants were all students and therefore may not be a representative sample. Loftus and Zanni (1975) did another study to show that it wasn’t only a verb that would have implications for the memory but that changing the word ‘a’ or ‘the’ could also have a dramatic effect. Participants were shown a video of a car accident, and then one group was asked â€Å"Did you see a broken headlight?† and the other group was asked â€Å"Did you see the broken headlight?† There wasn’t actually a broken headlight but the group asked the ‘the’ question assumed the headlight was broken and 15% said they had seen it whereas only 7% of the ‘a’ group answered yes. The use of the word ‘the’ makes the assumption that the car headlight was actually broken. In conclusion this essay has shown that eyewitness testimony and those witnesses can be lead into giving what they believed to be true recollections of a crime or incident with the use of different verbs or changing the definite article. Research Papers on Eye Witness Testimony - Psychology EssayThe Relationship Between Delinquency and Drug UseEffects of Television Violence on ChildrenMind TravelResearch Process Part OneStandardized TestingThree Concepts of PsychodynamicUnreasonable Searches and SeizuresHip-Hop is ArtIncorporating Risk and Uncertainty Factor in CapitalThe Masque of the Red Death Room meanings

Sustaniable operations management Essay Example | Topics and Well Written Essays - 1750 words - 1

Sustaniable operations management - Essay Example The definition that is adopted by the World Tourism Organization, however, describes sustainable tourism as â€Å"tourism which leads to management of all resources in such a way that economic, social and aesthetic needs can be fulfilled while maintaining cultural integrity, essential ecological processes, biological diversity and life support systems.† By this token, the industry is referred to in a host of other ways: e.g., eco-tourism, green travel, environmentally and culturally responsible tourism, fair trade and ethical travel (Shay, McHarry, & Gardiner, 2002, p. 1). There are some who disagree with such sweeping definitions, however, because they convey a simplified meaning to what is actually a complex and challenging area of endeavour, while conversely, highly detailed definitions tends to reduce the impression of sustainable tourism to a few limited elements. One comment is that the definition arrived at in the academe comes across as too scientific and technocratic, so as to alienate practitioners (Swarbrooke, 1999). The diagram depicts the interrelatedness of the different terms, none of which fully comprehends the complete meaning of sustainable tourism. Therefore, while ecotourism is often used synonymously with the term, it focuses on the ecology and neglects the cultural, economic, and aesthetic aspects. Ecotourism per se, taken in its strictest sense, accounts only for a small portion of the tourism market – estimated at roughly 3-7%, according to the World Trade and Tourism Council (WTTC) and the World Trade Organization (WTO) (Shay, et al., 2002). Tourism has grown to be a major industry that accounts for a significant portion of the revenues generated by the economy of many countries. That it has other, less tangible but equally beneficial impacts is apparent for both the destination community and the visiting tourists, in the form of heightened mutual understanding and appreciation of each

Ive got some SPSS data (graphs and tables etc) can be found in a word Assignment

Ive got some SPSS data (graphs and tables etc) can be found in a word file named (the data) and need to be analysed and interpreted in the form of writing - Assignment Example The study is reduced to the involvement of only two ordinal variables and hence statistical designs using two-variables are only used to obtain results. It has to be mentioned that at the time of the original data collection, private schools had the reputation of being better and more progressive than state schools with respect to English teaching. The first research hypothesis intends to analyze the importance given by teachers to explain the meaning of new English words to students. That is, there is difference between state and private schools in the extent to which teachers explain the meaning of new words in English; specifically teachers will explain words in English more in the private school. The design involves only two independent groups and the dependent variable is the score or rating. The descriptive statistics (Table 1) shows that the study involved 108 students, 67 belonging to the state schools and 41 belonging to private schools. The average of the rating given by the private school students (0.5366) is greater than that of the public school students (0.4627). A frequency chart (Fig. 1) was produced to compare the ratings the given by the students between state and public schools on the extent to which teachers explain the meaning of new words in English. The least rating was 0 representing never and 3 representing always. It is noticed that nearly 40 students of the state schools claimed that their teachers never explained the meaning of the English words. Nearly 44 students of the private schools claimed that their teachers either never or seldom explained the meaning of the English words. Only 1 student agreed that the teachers always explained the meaning. The independent samples T test is used to test the equality of the above given averages. The Levene’s test also is used to find whether the assumption of homogeneity of variables is satisfied. Table 2 shows the results.

Motivational statement for joining Army Medical Corp Reserve Essay

Motivational statement for joining Army Medical Corp Reserve - Essay Example military as a field officer, my immediate objective to joining the Army Medical Corp reserve is to help solders who suffer from both medical and psychological injuries together with their families. This is majorly because I want my country’s defense force to have a positive image of a safe profession that can attract dedicated personnel. By working hard as a medical officer, and through influencing dedication among other members of the reserve, I hope to elimination permanent disabilities among wounded officers, and subsequent psychological instability among their family members. This will not only be a motivational factor to serving army personnel and their families but will also motivate others who currently perceive the military as a risky profession, to join the forces in protecting our country. My interest in adventure, structures, and challenging encounters, opportunities that are available within the reserve’s scope, are also motivators to my desire to join the Army Medical Corp reserve. I am also dedicated to exercise the expected level of discipline that is required within the

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

Healthier being a meat-eater or a vegetarian :: essays research papers

Healthier being a meat-eater or a vegetarian There are many eating habits all around the world. Most people don’t decide what they want for their eating choice until they are the age where they can decide what they want, without causing any health problems. Children are deciding at a younger age that they don’t want to eat meat. Why is that? Do they know what eating meat could do to them, or do they do it because they don’t want to harm animals? There could be many reasons why children are now avoiding meat and changing their eating habits at a much younger age. More adults are realizing this and thinking- could I be healthier from not eating meat and becoming a vegetarian?   Ã‚  Ã‚  Ã‚  Ã‚  What the American culture is used to is eating three meals with a few snacks in between a day, and two out of the three meals usually involve eating meat. Most people don’t realize the risks of eating meat. Today’s medical experts say that avoiding meat helps you avoid saturated fat. They have found out from studies that women who eat meat daily have a fifty percent greater risk of developing heart disease than vegetarian women and a sixty-eight percent greater risk in men (staff writer). People may not know about serious diseases meat can obtain such as, mad cow disease and foot-and-mouth disease. In the September 1999 issue of the Emerging Infectious Diseases, approximately 76 million food borne illnesses- resulting in 325,000 hospitalizations and 5,000 deaths occur in the United States each year from improperly cooked or diseased meat (Licher). That is a lot! You can also get salmonella poisoning from meat. People think that the problems come from eating red meat and are opting for fish over steak, but new evidence proves that fish can cause health problems too, risks that can’t be cooked away. This is a growing problem called histamine poisoning (Peck). Children are learning at a younger age that they don’t like meat, maybe because they don’t like the taste, or maybe it’s because they have a fear of eating their favorite cartoon or movie hero. For example, the pig from the movie â€Å"babe†.   Ã‚  Ã‚  Ã‚  Ã‚  The amount of people becoming vegetarians these days is growing. There are a few different types of vegetarians for example; the lacto-ovo vegetarian doesn’t eat any animal products except milk and eggs. Another type of vegetarian is the vegan, they exclude all animal products.

Loan Processing at Capital One Essay

This marketing effort, which was planned to take the form of a major mail drop, was designed to increase the volume of funded loans in about six weeks when potential customers start returning these applications. It was clear to everyone at Capital One that the operations of loan processing would play a major role in determining if the upcoming mail drop would be a success. With 14 funded loans processed per associate every month and a total of 25 associates on the team, the department does not have the capacity to handle the application volume leading to our target of 700 funded loans per month that we set following our increased marketing effort†, observed one of the managers working for Rick, â€Å"What we need is a significant increase in staff. We also need to heavily invest in information technology to further increase the productivity of the existing staff†. While it was clear that the forecasted increase in loan applications would provide a serious challenge for the underwriters, there was no consensus on what actions should be taken. As was observed by one of the executives in charge of consumer loans: â€Å"When I benchmark the productivity of our underwriting team with other companies in the industry, 14 funded loans per associate per month is not a number we can be proud of. It takes about 3 hours of actual work to fund a loan, and that includes everything from the initial interview to underwriting, quality inspection, and closing. We have 25 associates, that each works about 150 hours per month. So each associate should be able to process 50 applications per month, which gives us 1250 applications per month for the team. Even if we fund only every other loan that we underwrite, we would just need a little bit of over time to get 700 units funded. † Several others at Capital One agreed. As it was put by one of the associates in charge of direct marketing: â€Å"Frankly, if you asked me, there seems to be a lot of potential for improving productivity in our processes. I am optimistic that our upcoming mail-drop will lift productivity and utilization scores in the underwriting process since there will be a lot more work coming in. † As the person in charge for operations management, Rick had mixed feelings about these comments. On the one hand, it was true that his department’s productivity metrics had not been stellar in the past. But his associates worked very hard and were very capable. This case was developed solely as the basis for class discussion. It is not intended to serve as an endorsement, source of primary data or illustration of effective or ineffective management. All data in the case has been disguised. Rick was relatively new to this role, though he was a highly accomplished operations manager with a history of taking on tough challenges and producing strong results by redirecting his teams towards better prioritization, teamwork and focus on strategically important activities. As he looked over the marketing forecast and the target of 700 funded loans for the next month, Rick wondered what the upcoming mail drop would do to his department? And, more importantly, what could he do to help Capital One grow its consumer loan business in the most optimal way? Capital One: Background Information After graduating first in class from the Stanford business school in 1981, Richard Fairbank joined Strategic Planning Associates (SPA), a strategy-consulting firm. In 1986, Fairbank met Nigel Morris, a young associate at SPA. While analyzing the operations of a major money center bank, the two reviewed the firm’s credit card operations. Both of them were struck by the enormous profitability relative to the rest of the bank. The young consultants concluded, â€Å"Credit cards are not banking – they are all about collecting information on 200 Million people that you’d never meet, and, on the basis of that information, making a series of decisions about lending money to them and then hoping they would pay you back. † Fairbank and Morris recognized the potential of customizing credit card products based on characteristics and behavior of their customers and taking advantage of the technological advances in computers that offered companies the ability to record, organize and analyze large amounts of customer data. They realized that few products in the credit card industry were being direct marketed and that even fewer firms were fully exploiting the power of statistical analysis. Fairbank and Morris were able to convince the bank to run a test using this strategy. The test worked remarkably well, however, the bank was unwilling to adopt this new strategy. Convinced that they were onto something really big, the two pitched their idea to more than 20 national retail banks before Virginia-based Signet Bank invited them to launch its Bank Card division. Over the next several years, Fairbank and Morris ran thousands of statistical tests and eventually introduced the first balance transfer product in 1991 that revolutionized the credit card industry and saved a struggling Signet Bank. Four years later, in 1995, Signet spun off its credit card division to create the publicly held Capital One. Recognized for its innovation, customer service, information technology, and financial management, Capital One now is one of the largest issuers of Master Card and Visa credit cards in the world. Today, the company’s global customer base is close to 49 Million with managed loans totaling over $83 Billion. From its IPO in 1994 to 2005, Capital One’s stock price had increased more than 1400%. In recent years domestic diversification has become a primary component of Capital One’s strategy. After going public, the company progressed on geographic and This case was developed solely as the basis for class discussion. It is not intended to serve as an endorsement, source of primary data or illustration of effective or ineffective management. All data in the case has been disguised. product line expansion through organic growth in credit cards and a series of acquisitions in non credit card businesses. In 1998, the company acquired Summit Acceptance Corporation, an auto loan provider. In 2001, it acquired the nation’s largest online provider of direct auto loans – People First, and a leading provider of financing solutions – Amerifee. The acquisition of Onyx Acceptance Corporation ® made Capital One Auto Finance the second-largest independent auto lender in the United States. The company also acquired Kansas City-based eSmartloan, an online originator of home equity loans and mortgages; Hfs Group, a home equity loan broker in the United Kingdom; and InsLogic, an insurance brokerage based in Tennessee. A number of these diversified businesses along with some organically grown businesses reside in the Global Financial Services (GFS) organization of Capital One. The Loan processing center is one such business that supported a variety of loan products such as small business loans, Line of credits and Jumbo loans. The Loan Approval Process In the division in charge of consumer and small business loans, the marketing department solicits potential customers through direct mail and/or email campaigns, that highlight the loan product features and specials of various products that are offered by Capital One. These campaigns, which are typically carried out at a nationwide level, have an information card that can be returned by the customer. The customer uses this card to provide information concerning their name, the type of loan they are interested in and the phone number/time range that is best to reach them. Customers who respond by sending this information back enter the process and are referred to as an â€Å"App†. Each App flows through a process that consists of five steps: Interview, Workflow Coordination, Underwriting, Quality Assurance (QA) and Closing. Exhibit 1 shows the process flow with a brief description of the activities and the number of associates in each role. Interview The interview step consists of seven associates who call the telephone number specified on the information card. On a typical day between 200 and 500 potential customers are called depending on the incoming volume of customer requests. Federal privacy regulations require that financial institutions can speak about the loan only to the person who actually requested the loan. Hence, if this person is not home at the time of the call, the call has to be repeated at a later point. During the call, the associate interviews the applicant about her loan needs. Based on the customer needs, the associate offers a range of products to the customer and the loan terms such as the maximum loan amount and the interest rate associated with each product (usually a range of interest rates is provided). This case was developed solely as the basis for class discussion. It is not intended to serve as an endorsement, source of primary data or illustration of effective or ineffective management. All data in the case has been disguised. If the customer is interested in one of the products, she will start an application process with the associate. The associate follows a scripted questionnaire and enters the information being provided by the customer into a computer system. The interview associate sets the expectation with the customer on the next steps: if additional information is necessary to complete processing and approving the application, an underwriter will get in touch with the customer in 2-5 business days to get the necessary information. If all the information is complete and accurate, the applicant will receive a phone call from an Underwriter in approximately 5-10 business days outlining the next steps in the closing process. Exhibit 2 summarizes some sample data that was collected over the course of a week. The Exhibit shows it takes on average 22 to 24 minutes for an associate to process one extra app. This includes the time the associate spends talking with the applicant. It also includes the time it takes the associate to reach the applicant.

Too Close for Comfort essays

Too Close for Comfort essays Interpersonal relationships are a one of the most common ways human beings interact with one another other. There is no one set definition because it is such a broad subject with many different components that make communication interpersonal. A good way to explain Interpersonal Communication is, There are few participants involved, the interactants are in close physical proximity to each other, there are many sensory channels used, and feedback is immediate. (Gouran, Dennis, W.E. Wiethoff, First off, I will introduce you to a young woman named Lexi. I first met her last summer when I came down from Reno to attend an open cheerleading clinic. The first time I set eyes on her my heart stopped and I couldnt breath, it was going to be a wonderful and exciting year for me. I was introduced to her and couldnt wait to start talking and getting to know her. At first, over the summer, it was merely a hello goodbye kind of relationship. It didnt help that she was living in Ohio and I was living in Reno. We stayed in contact with one other throughout the summer, not talking for more than fifteen to twenty minuets at a time. When our cheerleading season started at the end of July and I finally got settled down in my house we started to have more conversations and were interacting with each other more often, going to parties, bowling, watching movies together, and so on. Our relationship was building, becoming more personal and intimate so to speak. We also had a non-verbal way of interacting with one another, like flirting. We would wrestle and play fight, which in my mind is a strong communication...

Revisiting Wether, Incidence and Different Than

Revisiting Wether, Incidence and Different Than Revisiting Wether, Incidence and Different Than Revisiting Wether, Incidence and Different Than By Maeve Maddox wether/whether In researching the recent song lyrics post, I came across a comment written by a high school sophomore. (For the information of non-American readers, a high school sophomore is 15 or 16 years of age.) The student said she was writing a research paper on the influence of song lyrics. I certainly hope she looks up the spelling of the conjunction whether before she finishes her assignment; she used it four times in her comment, each time spelling it wether. wether (noun): a castrated ram. whether (conjunction): one use is to introduce an indirect alternative question expressing doubt or choice between alternatives. More at â€Å"Wether, Weather, Whether.† incident/incidence NPR (National Public Radio) announcers are a rich source of nonstandard English. On a recent morning I listened to Sam Sanders report on a pediatrician who prescribes exercise to his overweight patients. One of the doctor’s techniques is to encourage patients to visit local parks. Sanders mentioned that safety is a concern. He said that one of the parks, Kingman Island, â€Å"had 30 incidences of violent crime over the past year.† The erroneous use of incidences for incidents was cleaned up in the transcript, but it can be heard in the audio (3:33). incident (noun): something that occurs. incidence (noun): the range or scope of a thing; the extent of its influence or effects. For example, â€Å"The incidence of poverty among  the aged has consistently been higher than for any other age group in the United States.† More at: †It’s Not the Ox-Bow Incidence† different from/different than/different to A reader asks, â€Å"Is the correct usage ‘different to’ or ‘different from’? Different to seems very common (almost universal), but surely the essence of difference is separation, not convergence, so isn’t ‘different from’ correct?† This question comes up frequently, often with angry attacks on speakers who use the â€Å"wrong† phrase. Of the three, â€Å"different from† is by far the winner on the Ngram Viewer. â€Å"Different to† is heard more frequently in Britain than in the United States. â€Å"Different than† has its American defenders, but the AP Stylebook comes down firmly for â€Å"from, not than.† The Chicago Manual of Style is less dogmatic, but does say, â€Å"The phrasing different from is generally preferable to different than.† More at †Different from, Different to, Different than.† Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Misused Words category, check our popular posts, or choose a related post below:100 Words for Facial ExpressionsThe Possessive ApostropheRite, Write, Right, Wright

Oligopoly is the ideal market structure because it allows society to Essay

Oligopoly is the ideal market structure because it allows society to benefit from the efficiency gains of both competition and monopoly - Essay Example The range within which each oligopolist can independently influence prices is, however, narrower than where there is a pure monopoly, for he has to take into account not only the availability of substitutes (as does a pure monopolist as well), but also the likely actions of his principal competitors in his own market. In all circumstances price changes are likely to affect adversely the interests of certain participants in the market. Increases in price naturally are harmful to consumers, while decreases injure the interests of producers and of some traders. In monopoly and oligopoly situations the power of firms to influence prices, coupled with a high degree of dependence on these firms, tends to provoke allegations that all price changes are deliberately engineered to injure certain interests. Consumers, producers or rival traders may consider that they have been specially and deliberately injured by the actions of the monopolist or oligopolists, and may ascribe market changes to their intentional activities. Plausibility is lent to these views because in these situations the firms can undoubtedly influence the market; indeed, they cannot help doing so. It is therefore impossible conclusively or convincingly to refute allegations of profiteering, of destructive underselling to eliminate partic ular competitors, of deliberate depression of producer prices, or of wasteful inflation of costs. 1 An important and distinctive characteristic of oligopoly is the realization by each firm that its fortunes depend very closely upon the actions of the others in the same market. Their behaviour is necessarily influenced by the realization of mutual interdependence. Each firm appreciates that in initiating price changes it must expect the other firms to react to these changes, and that in assessing the net effects of a price change it must take account of the probable reaction of others. In deciding on price changes each firm considers not only the general market situation and its own financial and stock position, but also the probable conduct of its principal competitors. Firms recognizing their mutual interdependence may find it convenient and profitable to co-ordinate their policies and to act together, and co-operation is made easier because the numbers are comparatively small. An oligopolistic situation is frequently accompanied by market sharing arrangements between a number of producers or firms. This is particularly likely in the supply of standardized products or services, where these price-fixing agreements may be effective and stable even without formal market-sharing arrangements; banking and shipping provide familiar examples in the United States, in Britain and in Western Europe. Where the product is largely unstandardized, agreements are less often concluded, and, moreover, tend to be unstable; the motor industry seems to be a convenient example. Co-operation is, however, by no means the inevitable outcome of oligopoly. Individual firms may decide to try their strength and to enlarge their share in the market by active competition. Moreover, when new entry is

Staff Retention Strategy Assignment Example | Topics and Well Written Essays - 4000 words

Staff Retention Strategy - Assignment Example They are the customers for jobs. If managers do not prepare a good foundation, they cannot expect them to stay. Employees will no longer endure what they do not like in their employment situation. They have power in the knowledge of their abilities and confidence in their value in the marketplace. With greater loyalty to their career and their skills than to their employer, they move on. Current paper provides discussion of proper strategies that should be applied for keeping employees who are the greatest assets of any organization. Using the case of London Housing Association, I will emphasize strategies of retention employees in this organization while basically examining job descriptions, recruitment, selection, and orientation, looking at the employees' perspectives on the issue. Keeping good help productive and on the job is the keystone of management. It is an everyday, continual process. It represents not one single problem with one single solution but rather a maze of simple and complex problems each with several possible solutions. Successful management deals with each problem and chooses among the alternative solutions. Management is, perhaps, problem solving and decision making. In dealing with problems the manager would do well to keep in mind an old rule "If you are not part of the solution, then you must be part of problem... If you are part of the solution, you are probably part of the next problem." (Campbell, Campbell, & Chia, 132) The problem of high turnover seems more evident in some businesses than in others. The manager who faces this problem should be aware that there is no simple solution, only intelligent choices. In making these choices the manager needs a basic understanding of people and why they do what they do or why they don't do what you would like them to do. The choices management makes in these decisions should be predicated upon the goals of the organization. The results of such decisions may actually be a test of the validity of organizational goals. Realistic goals which have been developed and accepted by all segments of the organization will prove to be a much sounder base for management decisions than goals developed from a narrow perspective of any one segment of the organization. Both the organization and the employee are beginning a relationship that will not last if there is a mismatch between the position requirements and the new hire's skills. It makes no difference if the mismatch is due to managers' unawareness of what they need, not having the right person in candidate pool, not selecting the person who can do the work, or not launching the person hired on the right track. The results are, on either side, unfruitful. For the organization: loss of productivity because work is not getting done or not getting done right; burnout of overworked employees; the often hidden cost of management time to fix the problem. For the employee: frustration due to not being able to use one's skills; investment of time and energy to find another position. In London Housing Association retention is interrelated with recruitment and employee relations. Each impacts the other, and all three are related. London Housing Association begins its retention efforts by centralizing its recruitment efforts. Through its recruitment centers it provides better-quality applicants for managers to